Contact Ashfords today on (03) 9551 2822

Introducing the Small Business COVID Hardship Fund

17 August 2021

Written by Ashfords’ trusted advisors Luke Brand and Asawari Chaudhary

The Victorian Government’s Small Business COVID Hardship Fund has been introduced to assist small to medium businesses that have been severely impacted by COVID restrictions put in place between 27 May 2021 and August 2021.

Grant Amount

The total value of a grant under the program is $20,000 for an eligible business.

Who is eligible?

To be eligible for the program, a business must:

Impacted Period

The impacted period is 27 May 2021 to 10 September 2021.

Select a minimum consecutive two-week trading period within the impacted period where business turnover was impacted the most by COVID-19 restrictions.

Benchmark Period

The benchmark period is 27 May 2019 to 10 September 2019 for businesses that were actively trading in 2019.

The benchmark period is 1 February 2021 to 28 July 2021 for businesses that were not actively trading in 2019.

Select a consecutive two-week trading period to be used as a comparison point within the Benchmark Period.

Comparison Point

Actively trading in 2019 - The comparison point should generally be the same time of the year unless there are exceptional reasons as to why a different time is chosen.

Not actively trading in 2019 – should reflect a normal level of trading activity for your business between 1 February 2021 to 28 July 2021.

Calculation

Calculate the reduction in turnover using this formula:

Reduction in turnover % = [1-(GST turnover in impacted period/GST turnover in benchmark period)] x 100

Closing Date

The program will be open for applications until the program funds are exhausted or 11.59 pm Friday 10 September 2021, whichever is earlier. Please see link for more details regarding fund:

www.business.vic.gov.au www.business.vic.gov.au

Requirement for Application

To apply for the program, evidence of your reduction in turnover must be attested to in writing by a Qualified Tax Agent or a BAS agent. So please reach out to your trusted Ashfords advisor for any support on 9551 2822 or info@ashfords.com.au. 


While every care is taken to ensure the accuracy of the information available at the time being 18 August 2021.  No representations or warranties are made as to the accuracy, completeness or suitability of the information for any particular purpose.  All responsibility and all liability in connection with the information, on any basis, is disclaimed.

You may also like: