COVID-19: Latest Grants and Funding for Victorian Startups
The Victorian government has announcement a new $807 million business support package in response to Melbourne’s latest lockdown. The new funding round is set to ease the financial strain Melbourne startups and small businesses are facing across the state while restrictions are in force. At Allied Legal, we have provided a list of the support payments that may assist your startup:
Small Business COVID Hardship Fund
The Small Business COVID Hardship Fund is providing $10,000 grants for startups, small and medium businesses that have experienced a reduction in turnover of at least 70%. The grant is provided by the Victorian Government in recognition of the hardship faced by many Melbourne startups during the latest lockdown measures. Melbourne startups that were ineligible for previous coronavirus relief support may be eligible for this grant. The grant will be open for applications until 10 September 2021.
- Your startup must be based in Victoria;
- Your Melbourne startup must hold an Australian Business Number (ABN) and have held that ABN on and from 28 July 2021;
- Your Melbourne startup must have an annual Victorian payroll of up to $10 million in 2019-2020 on an ungrouped basis;
- Your startup must be registered for Goods and Services Tax (GST);
- Your Melbourne startup must be able to demonstrate a reduction in turnover of at least 70% for a minimum consecutive two-week period.
Business Costs Assistance Program Round Two July Extension
The Business Costs Assistance Program Round Two July Extension affords eligible startups who did not apply for the June Program, the opportunity to apply for $4800 in support. Startups who can apply for the funding include those operating in the non-essential retail sector, tourism, transportation, education and events. The Program will be open for applications until the end of August.
- Your startup must be located in Victoria;
- Your Melbourne startup must operate within an eligible industry sector;
- Your startup had to have incurred direct losses as a result of the recent COVID-19 restrictions;
- Your Melbourne startup must have an annual payroll of up to $10 million in the last financial year;
- Your Melbourne startup must hold an ABN and be registered with the responsible Federal or State regulator.
Small Business Digital Adaption Program
The Small Business Digital Adaption Program is still open to Melbourne startups, small and medium sized businesses seeking to build their digital capability. The program offers $1200 in rebates so that ventures can access new digital business tools that can be used to upgrade your website, begin online marketing, and manage your inventory. Several workshops and free product trials are also available under the scheme.
- Your startup must operate in Victoria
- Your Melbourne startup must hold an ABN since or before 13 September 2019
- Applicants must demonstrate how they will adopt their Melbourne startup to a digital operating environment
- Your startup must fall under the program’s list of eligible activities.
Need Help? Contact Us.
If you are looking to engage a qualified agent to apply for a grant on your startup’s behalf, we can help! At Allied Legal our commercial lawyers are experts in on all-things startups from preparing your legal documents to assisting you with your grant application. If you would like a commercial lawyer on your side, you can contact us on 03 8638 0888 or send us an email at firstname.lastname@example.org.
You might also like our article The Alice Anderson Fund: New Investment Boost for Female-Led Startups.