As the Federal Government continues to update its financial relief policies, States and Local governments are also stepping up to the plate with their own measures including the City of Melbourne’s most recent COVID grant relief and the Victorian Government Small Business Support Fund.
Although we all hope that this is a temporary situation and that that business will be back to normal soon, there will no doubt be a big impact on local and international levels for a long time to come... months if not years.
Westpac economists warned Australian gross domestic product would contract by 8.5% in the June quarter, followed by a 0.6% contraction in the September quarter (2020).
Meanwhile, we are all still here bunkering, pivoting, and doubling down on other strategies to keep the door literally and virtually open.
With this in mind, we’ve assembled a quick list of resources, tools and links that as a business owner you can use to start gathering tools for your business.
Grants & Funding
The Government of Victoria is offering small businesses up to $500Million Business Support Fund for small businesses due to Covid-19. (Applications close 1st of June 2020)
If you've been hesitant or already tried to act on this opportunity… last week the State Government broadened the eligibility requirements to include all industry categories.
Now every Victorian business can apply for the grant, provided they meet the existing guidelines and are enrolled in the Commonwealth JobKeeper support scheme.
To qualify, your business needs to:
- Have been subject to closure or highly impacted by shutdown restrictions as a result of COVID-19
- Have an (ABN)
- Employ people and have a turnover of $75,000 per annum
- Payroll less than $650,000 per annum
- Have been engaged in carrying our the operation of the business in Victoria on 16 March, 2020.
For more information about qualification and to apply follow this link
Many local Councils are supporting businesses as well. Here is a list of Melbourne based websites Shire/Council currently offering help (check your local Council website accordingly):
Find out more information about financial assistance available to not-for-profit organisations and community groups affected by the COVID-19 outbreak.
Funding Centre - COVID Financial Assistance
CORONAVIRUS SME Guarantee Scheme
The Coronavirus SME Guarantee Scheme will provide support for these businesses. Under the Scheme, the Government will provide a guarantee of 50 percent to SME lenders for new unsecured loans to be used for working capital. This will enhance these lenders’ willingness and ability to provide credit, which will result in SMEs being able to access additional funding to help support them through the upcoming months.
SMEs with a turnover of up to $50 million will be eligible to receive these loans.
The Government will provide eligible lenders with a guarantee for loans with the following terms:
- The maximum total size of loans of $250,000 per borrower
- The loans will be up to three years, with an initial six month repayment holiday
- The loans will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.
Download the Guarantee Scheme fact sheet
The Victorian Government tax relief measures in response to coronavirus (COVID-19).
Updated Australian Treasury Dept measures businesses can use to manage cash flow challenges and retain employees including cash flow support and relief for financially distressed businesses.
Treasury Dept Cash Flow Support
Victorian Chamber of Commerce and Industry COVID-19 Resources
Moneysmart - Helping you make smart financial decisions.
CORONAVIRUS Department of Health
Google for Small Business recently launched an online hub of helpful advice, tools and resources to small and medium businesses as they navigate challenges caused by the spread of COVID-19. Google Ads will be made available to all SMBs with active accounts over the past year. Credit notifications will appear in their Google Ads accounts and can be used at any point until the end of 2020 across our advertising platforms.
More details about Google Small Business
Build your Google muscles with these free skill-building tools and courses
Australian Small Business and Family Enterprise Ombudsman COVID-19 Tools
Australian Government Website - COVID-19 Emergency Assistance and Support
Maybe you’d like to take a course while business is slow? Consider taking a 6-month course while you're locked down. Course Seeker
Hubspot Marketing Automation
Hubspot is offering free tools and we’d love to give you a show around how you can get started by simplifying and automating your marketing. As a Hubspot partner, we can show you how we can help your business grow and be more effective with their great tools.
Keep your business on track with MYOB
Simplify Jobkeeper and Tips for getting paid faster with MYOB
Download the COVIDSafe app - Australian Government
Foundation for Young Australians - Keeping Youth Safe During COVID. All kinds of great ideas, tips, and blog about keeping our young people safe.
Even though the doors may not be open, there are some great opportunities with the time that you may have. If you’re thinking about how to come out fighting and topple your competitors with a digital marketing plan then we’d love to hear from you.
Get up to a $10,000 grant from the Victorian Government today!