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The $10,000 grant has now been expanded to include businesses from any other sector who are enrolled in the Jobkeeper Payment Scheme.

The State Government of Victoria launched the $500 million Business Support Fund to help small business survive the impacts of COV-ID19 and grants of $10,000 were made available to businesses that were highly impacted and subject to closure.

Below are the two streams, which you must fall into one of the following:

Stream One: Is available to small businesses that were subject to close or highly impacted by the restricted activity directions. Such as Accommodation and Food Services (cafes restaurants, hotels and motels), Arts & Entertainment (cinemas, performers, creative spaces etc), Health & Beauty Services, Tourism, Retail, Real Estate Agents. 

Stream Two: Is available to small businesses regardless of the industry sector in which they operate provided they are eligible participants in the JobKeeper payment scheme and they employ staff and have an annual turnover of more than $75,000

To be eligible for a grant, businesses must meet the following eligibility criteria:

• Employ people; and
• Have a turnover of more than $75,000; and
• Have a payroll of less than $650,000 and
• Hold an Australian Business Number (ABN) and have held that ABN at 16 March 2020 (date of the State of Emergency declaration); and
• Have been engaged in carrying out the operation of the business in the Australian State of Victoria on 16 March 2020; and
• Operate in an industry sector that has been subject to closure or highly impacted byshutdown restrictions announced by the Victorian Government; OR
• Be enrolled as eligible participants in the Commonwealth Government’s JobKeeper Payment scheme.

Account(able) Accountants can help you with this application process.

Give us a call on 5366 1000 and press 1 to discuss your eligibility. We are here to support you and your business in anyway we can and help you get you through the next few months.

BUSINESS SUPPORT FUND FAQS:

WHEN DO APPLICATIONS CLOSE:

Applications are now open and will close on Monday 1 June 2020.

WHY IS JOBKEEPER PARTICIPATION A CRITERION FOR “STREAM TWO” OF THE BUSINESS SUPPORT FUND?

The Business Support Fund is intended to provide support to businesses most affected by the coronavirus pandemic. Enrolment in the Commonwealth’s JobKeeper program demonstrates that a business has been significantly impacted and has experienced (or is expected to experience) at least a 30 per cent fall in turnover.

HOW DO I PROVIDE EVIDENCE THAT I AM ENROLLED IN THE JOBKEEPER PAYMENT SCHEME?

To determine your eligibility for Stream Two of the Business Support Fund, you need to provide a JobKeeper Registration Receipt Number (ATO Receipt ID number).

Your JobKeeper Registration Receipt Number (ATO Receipt ID number) is the receipt provided by the Australian Tax Office (ATO) when you first enrolled for JobKeeper and submitted a ‘Business enrolment for JobKeeper wage subsidy’ (see image below).

MY GRANT APPLICATION UNDER THE ORIGINAL STREAM (“STREAM ONE”) WAS UNSUCCESSFUL, DO I NEED TO SUBMIT ANOTHER APPLICATION TO BE CONSIDERED UNDER “STREAM TWO”

If you previously applied for a Business Support Fund grant and were deemed ineligible because of your industry classification, you do not need to submit another application. You will be contacted and invited to provide your JobKeeper enrolment details which will enable your application to be reassessed for Stream Two.

HOW DO YOU DEFINE AN EMPLOYEE?

Generally, to be considered an “employee”, staff must be under the control of the business, and have income tax and superannuation paid by the employer.

CAN I SUBMIT MORE THAN ONE APPLICATION?

An application is required to be submitted for each business looking to access the grant. If you own more than one business, you are required to submit an individual application for each business you own. For each business you own, you will be required to will require its own login for an individual application

WHY IS  APPLICATIONS ONLY OPEN TO BUSINESSES WITH AN ANNUAL WAGE BILL OF LESS THAN $650,000 A YEAR?

The fund is targeted at small businesses that may not be eligible for 2019-20 refunds and waiving of payroll tax, which applies to businesses with wages bills of $650,000 or above.

Businesses with a wages bill between $650,000 and $3 million will have their payroll tax refunded and waived for the 2019-20 financial year under the Victorian Government’s $1.7 billion economic survival package.

If your business is part of a group of companies with a combined payroll of more than $650,000 and set to receive the payroll tax refund, your company is ineligible for this funding program.

WHY ARE APPLICATIONS ONLY OPEN TO BUSINESSES WITH AN ANNUAL TURNOVER OF MORE THAN $75,000?

Businesses with a turnover below this level are likely to be sole traders that do not employ people. $75,000 is also the threshold for when the Australian Taxation Office requires a business to register for GST.

WHAT EVIDENCE DO I NEED TO PROVIDE TO PROVE MY BUSINESS HAS AN ANNUAL TURNOVER OF MORE THAN $75,000?

A Business Activity Statement (BAS) is required as evidence that your business has an annual turnover of more than $75,000.  If you are unable to provide a BAS as your business is a not-for-profit registered with the ACNC, you must provide business bank statements to evidence that your business activities in the 2019/20 financial year meet the eligibility criteria. Please note that this may delay the processing of your application.

WHAT ARE ACCEPTABLE VERSIONS OF BAS?

1. A copy of your most recently lodged BAS for the 2019-20 financial year from the ATO’s Business Portal with evidence of lodgement date (your tax agent, if you have one, will be able to assist). OR
2. If you are unable to obtain the above, a copy of your most recently prepared BAS for the 2019-20 financial year with your ABN/ TFN and evidence of lodgement to the ATO such as a receipt or bank statement showing payment.

CHECKLIST OF NOT ACCEPTABLE FORMS OF BAS

1. Activity doesn’t occur in 2019-20 financial year.
2. Missing ABN/ TFN.
3. Different legal name, business and/ or trading name to the details provided on your application.
4. No evidence that the business activity statement has been lodged with the ATO (i.e. does not contain a lodgement date, receipt from the ATO or bank statement, or is a pre-lodgement document.

CAN I ACCESS THE BUSINESS SUPPORT FUND IF I AM A NON-EMPLOYING BUSINESS?

The Business Support Fund is open to businesses that have employed staff during 2019-20. If your business has had to let staff go as a result of closure or being highly impacted by shutdown restrictions announced by the Victorian Government to-date, you still may be eligible to apply for this grant.

IF I AM A SUCCESSFUL APPLICANT, ARE THERE RESTRICTIONS ON WHAT I CAN SPEND THE FUNDS ON?

It is expected that funds can be spent on business activities and costs, including:

• Utilities, salaries and rent
• Seeking financial, legal or other advice to support business continuity planning
• Developing the business through marketing and communications activities
• Other supporting activities related to the operation of the business.