Designed to support small and medium businesses, this specific package assists 90,000 sole traders and business owners over three separate initiatives. With lockdowns now extending across Australia again, the Victorian Government announced an additional $209.3 million worth of grant funding, taking the total to $460 million.

Want to know more about what the Circuit Breaker Business Support Package means and whether your business may be eligible to receive help from the second round of funding? We've covered all the basics below to keep you informed, in the loop, and ready to apply.

What was the Circuit Breaker Business Support Package?

A program designed specifically by the Victorian Government, the initial Circuit Breaker Business Support Package was created to help businesses across the hospitality sector. By providing funding for those hardest hit by lockdowns and the pandemic, Victoria's goal was to provide the funds needed to keep businesses afloat and ready for re-opening at a later date.

This package includes three specific programs and funds:

• Business Costs Assistance Program

An initial $190.1 million in funding was allocated to the Business Costs Assistance Program, available in $2,500 single grants for eligible employers and sole traders in the qualified businesses listed below. These grants are designed to support companies that have been forced to close during the circuit-breaker lockdown without the ability to move to remote work.

• Licensed Hospitality Venue Fund

Much like eligible businesses, the hospitality industry has been hit hard by circuit-breaker lockdowns due to forced closure. As a result, $40.7 million in funding was set aside for $3,500 grants for all businesses holding a liquor licence and food certificate within Victoria. This is a continuation of past funds carried out throughout lockdown and provides an additional opportunity for businesses to access necessary funding.

• Targeted events support

$20 million has been earmarked as part of the package to support the events industry, which also remains closed during lockdown. This support is specifically for businesses that have incurred losses due to the circuit-breaker, and details are not yet released on the full extent of this support.

What businesses are eligible?

A select number of businesses that COVID-19 lockdowns have directly impacted will be eligible for the Circuit Breaker Business Support Package. Eligibility is determined by whether the business had been required to close, and remote work is not possible during circuit-breakers.

Companies that are eligible include:

• Event suppliers
  
• Accommodation providers, including hotels
  
• Retailers that are considered non-essential
  
• Restaurants, cafes and food-serving bars

What are the changes to the Circuit Breaker Business Support
Package from the 2nd of June?

Several changes and updates were announced on the 2nd of June 2021, following the confirmation of a longer circuit-break lockdown. These updates include an additional $209.3 million to support businesses, with the same grant application process in place as with the previous round. In addition, the application for all grants listed below has been extended to the 24th of June at 11.59 pm.

• Business Costs Assistance Program Round Two

The extension of the assistance program offers grants of $2,500 or $5,000 for eligible businesses, as listed above. Metropolitan companies in Melbourne will be eligible for the full $5,000 funding in practically every case. To apply, all you have to do is follow the same process as you did in round one.

• Licensed Hospitality Venue Fund increased grants

The Licensed Hospitality Venue Fund's renewed program increases grants to $7,000 per premises for metropolitan Melbourne businesses. As one of the most affected business areas, all hospitality businesses with liquor licences in place with the Victorian government will be contacted about the grant directly.

Are there any differences in eligibility?

A few minor changes in eligibility apply for the second round of support. First, regional businesses that have been directly impacted, such as theme parks and nightclubs, will now be eligible to claim for the extended payment. However, metropolitan businesses with eased restrictions from the 3rd of June 2021 will not qualify for this extended payment program.

How do I apply for support from the Victorian Government?

You can apply for any support and grants you're eligible for directly via the Business Victoria website. All the details you need are available online. For example, if you own a hospitality business with an eligible liquor licence, the Victoria Government may have already been in touch with you to provide you with an application for the Licensed Hospitality Venue Fund grant.

How do I keep up to date on grants and funds?

If you want to know the latest information and financial news for businesses in Melbourne and Victoria, 360 Accounting Services is the place to start. We're here to support businesses with our expert services to help them weather lockdowns, apply for relevant grants and more. Or you can visit the Business Victoria website directly for information on the latest changes to plans and programs.