The Victorian Government has announced an additional $534 million to assist local businesses through the latest shutdown caused by the second wave of COVID-19.

The latest support package increases the state government’s commitment to the Victorian community through this pandemic to $6 billion.

The package includes a raft of measures including:

• Additional $5,000 cash grants made available through the Business Support Fund for businesses that have been impacted by stage 3 restrictions.
• $26 million for mental health support and mentoring for business owners; and
• Relief for tourism operators
• $20 million for businesses in the Melbourne CBD to reduce the impact of social distancing measures and policies that have kept people out of the city.
• The extension and expansion of deferrals in payroll tax

A $30M fund has also been allocated for those businesses in hospitality that have been severely impacted.

For more information please visit www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-support-package

The above information is a brief summary only and does not take into account your personal needs and is not a substitute for independent professional advice. We strongly recommend that you speak to your accountant as they will be able to provide you the most suitable advice for your individual circumstance and to ensure that you are also always receiving the most up to date information.