Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Vic government adds $8.4m to support for businesses

melbourne melbourne
Sarah Simpkins 4 minute read

The Victorian government has committed to injecting a further $8.4 million in grants for greater Melbourne businesses hit by its snap lockdown.

On Wednesday (9 June), the Victorian government declared that lockdown restrictions in Melbourne will ease from 11.59pm on Thursday night, albeit with a number of limits to remain in place.

The state government also committed to granting Melbourne businesses a further $8.4 million in cash support, contributing to a total of around $500 million in the past 11 days.

The Business Costs Assistance Program, which has provided eligible businesses affected with payments of up to $5,000, will give a further $2,000 top-up payment to businesses in Melbourne closed due to extended restrictions announced on Wednesday.

Advertisement
Advertisement

Around 3,700 businesses, including gyms, dance schools and yoga studios, will be eligible for the new $2,000 top-up.

However, tourism businesses in regional Victoria and metropolitan Melbourne that will receive the Tourism Supplement Payment declared on Sunday will not be eligible for the new top-up, having already been paid $7,000.

“This top-up payment will support businesses who will still be affected in the coming week, so they can be in the best position to recover once their doors reopen,” Victorian Treasurer Tim Pallas said.

Initial payments for the Business Costs Assistance Program started this week.

The government previously rolled out $492.2 million in support for small and medium-sized businesses and sole traders, including the Business Costs Assistance Program, Licensed Hospitality Venue Fund and Regional Tourism Support Package.

PROMOTED CONTENT


The initial funding supported businesses such as restaurants and cafes, event suppliers, tourism and accommodation providers, and non-essential retailers.

Close to 70,000 businesses affected by restrictions beyond Thursday, 3 June, were also eligible for an extension payment from $2,500 to $5,000.

[Related: Vic government launches $250.7m business grants package]

Vic government adds $8.4m to support for businesses
melbourne
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

melbourne

 

more from the adviser
David Hyman Lendi lays out post-merger strategy

Having wrapped its first month post-merger with Aussie, Lendi’s...

website computer Non-major lender updates broker website

A regional lender has updated its broker website with new feature...

Jeff zulman TrailBlazer joins SME Recovery Loan Scheme panel

The non-bank lender has become the 19th member of the government...