MORE FINANCIAL SUPPORT ANNOUNCED FOR BUSINESSES

Business Continuity FundA $156 million Business Continuity Fund will be established to deliver $5,000 grants to up to around 30,000 businesses that remain impacted by capacity limits placed on businesses by necessary public health restrictions.

Twenty-four eligible sectors are covered by the fund including gyms, cafes, restaurants, catering services and hairdressers.Recognising businesses located in the CBD will continue to be impacted due to restrictions on the number of staff allowed in office buildings, they will be eligible to receive an additional $2,000 recognising reduced foot traffic due to office density limits.

All recipients must have received or been eligible for the previous Business Cost Assistance Program. Licensed Hospitality Venue Fund 2021The Licenced Hospitality Venue Fund will receive a $70 million boost, with grants of up to $20,000 to be made available to support licensed venues as their operations continue to be impacted by current restrictions.These grants recognise that larger venues depend more on dine-in and have higher operating costs, so need more support than smaller operations. Again an additional $2,000 will also be made available to the business if it is located within the CBD.To receive this funding, venues will need to have received or been eligible for the Licensed Hospitality Venue Fund 2021.-

Commercial Tenancy Relief Scheme and Landlord Hardship FundIn a boost to thousands of businesses across the state, the reintroduced Commercial Tenancy Relief Scheme will ease pressure by providing rent relief for eligible tenants, while separate support will be provided to landlords who do the right thing by their tenants.The Scheme will be available to businesses with an annual turnover of less than $50 million and have suffered a decline in turnover of at least 30 per cent due to coronavirus.Landlords will be required to provide proportional rent relief in line with a business’s reduction in turnover. For example, a business with a turnover of 40 per cent of pre-pandemic levels can only be charged 40 per cent of its rent. Of the balance, at least half must be waived, with the remainder to be deferred.The Victorian Government will create an $80 million hardship fund for landlords who provide rent relief to eligible tenants, with further details to be confirmed in due course.