An excess of 175,000 business across Victoria will benefit from a four-week $2.34 billion booster package. The package is due to run until the 30th September as the state’s businesses continue to struggle with the ongoing lockdown.
On Saturday 4th September, Victorian Premier Daniel Andrews announced the state’s largest business support boost to date. The support will be paid by the state government in partnership a with the Commonwealth, which will flow primarily to businesses eligible for the Business Costs Assistance program, and now offers larger payments to businesses with more staff.
Close to $1.6 billion of the total booster package will go to approximately 132,000 businesses as part of either round two of the Business Costs Assistance programs, or its July extension. Dan Andrew’s office has said that the instant payments made through the program will be made automatically.
The program is in its fourth instalment and previously capped payments to businesses at $2,800 a week. Through September, however, payments will be made at three tiers.
Businesses that have payrolls of under $650,000 will receive weekly payments of $2,800. Businesses that have payrolls of between $650,000 and $3 million will receive $5,600 a week. Furthermore, businesses who have payrolls of anywhere between $3 million and $10 million will receive weekly payments of $8,400.
The Victorian Minister for Industry Support and Recovery, Martin Pakula said the three-tiered system offers recognition to the need for more targeted business support across the state.
“It means businesses with more workers will have greater support to maintain those numbers in coming weeks as we look to a future with high levels of vaccination and greater freedoms. These are hard yards being done right now, but the rewards will be significant. In the meantime, we’ll continue to stand by Victorian businesses and their workers,” said Martin Pakula the Victorian Minister for Industry Support and Recovery.
Victoria’s September business boost will also result in substantial support flow to small businesses, whose payments have been increased from $14,000 to $20,000.
The state’s Small Business Covid-19 Hardship Fund will obtain a $448 million overall boost and offer automatic payments to some 16,000 businesses already eligible for the scheme. Those that have already received a grant under the scheme will receive an automatic top-up of $6,000.
The funding boost will lead to the automatic payments of $5,000, $10,000 and $20,000. The amount paid to each business will be based on the organisations venue capacity and will be distributed to almost 9,300 businesses under the Licensed Hospitality Venue Fund after it received a cash boost of $289 million.
Venues that have a venue capacity of up to 99 patrons will receive $5,000. Venues that have capacity limits between 100 and 499 patrons will receive $10,000, and venues with capacities of 500 or more will receive payments of $20,000.