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.
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.
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.
Sarah Simpkins is the news editor across Mortgage Business and The Adviser.
Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.
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