Beyond stimulus: grants for small business
Stimulus packages aren’t the only option for small businesses struggling to maintain cash flow during the coronavirus crisis. State and territory governments and local councils organisations have also begun offering COVID-19 specific grants that could help easy the financial burden.
We’ll update this list as more grants are announced — it’s well worth checking with your state or local government’s business concierge to see what financial assistance is available.
$10,000 grants for NSW small businesses
A new assistance scheme announced by New South Wales Premier Gladys Berejiklian, Treasurer Dominic Perrottet and Minister for Finance and Small Business Damien Tudehope will provide grants of $10,000 to thousands of the state’s small businesses.
The $750 million injection into the Small Business Support Fund is a centrepiece of the third wave of support measures undertaken by the government.
Premier Berejiklian said the application process would be made easy in order to ensure eligible businesses could receive funds as soon as possible.
Businesses with between 1-19 employees and a turnover of more than $75,000 are eligible, so long as they have:
- a payroll below the NSW Government 2019-20 payroll tax threshold of $900,000
- have an Australian Business Number as at 1 March 2020, be based in NSW and employ staff as at 1 March 2020
- be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020
- use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice
- provide appropriate documentation upon application.
Businesses will be able to apply for the $10,000 grants through Service NSW within a fortnight, with applications closing on 1 June 2020.
Assistance for Victorian small businesses impacted by coronavirus
Applications for the Victorian governments $500 million dollar Small Business Fund are currently open now through 1 June 2020.
Grants of $10,000 will be allocated to small businesses who successfully apply for one. Funds can be used to meet business costs, including utilities, salaries and rent; seek financial, legal or other advice to support business continuity planning; develop the business through marketing and communications activities; and support other activities related to the operation of the business.
Businesses are eligible to apply for a grant through the Fund if they:
- have been subject to closure or highly impacted by Non-Essential Activity Directions
- employ people
- have a turnover of more than $75,000
- have payroll of less than $650,000
- hold an Australian Business Number (ABN) and held that ABN at 16 March 2020
- have been engaged in carrying out the operation of the business in the Australian State of Victoria on 16 March 2020.
City of Melbourne COVID-19 business grants
- Up to $5000 for investing in online and e-commerce activities.
- Up to $2000 for training and professional development.
- Up to $10,000 for capital works projects (matching dollar-for-dollar) to adapt to changing conditions.
Applications are now open for businesses who meet the following criteria:
- be located within the City of Melbourne municipality
- have an Australian Business Number (ABN)
- be a small to medium sized business (employ fewer than 50 full-time equivalent employees at the time of application, or up to 75 staff for hospitality and tourism sectors)
- be a small to medium sized non-profit organisation (employ fewer than 50 full-time equivalent employees at the time of application)
- able to demonstrate how the grant will help support your business or non-profit organisation in response to the impact of COVID-19.