COVID-19 Business Support Grant Explained
Would $5,000 help your brand survive the latest round of lockdowns? If so, be sure to check your availability for the latest COVID-19 Business Support Grant.
While it’s no secret that the highly contagious Delta variant is causing headaches for state leaders right across Australia, Queensland’s latest lockdown was implemented on Saturday 31 July for a three day period. As contact tracers rapidly try to snuff out the chains of transmission, this has already been extended to a minimum lockdown duration of eight days.
Thankfully, the Queensland Government recognises the havoc this causes for small and medium size businesses trying to stay afloat. As a result, the recent announcement of the latest COVID-19 Business Support Grant will provide $5,000 grants for eligible businesses as a means to help offset the impact of multiple border closures and less than ideal trading circumstances.
Applying For The COVID-19 Business Support Grant
On Saturday 31 July, Deputy Premier Steve Miles announced a three day lockdown to combat potential community transmission of the Delta variant of the Coronavirus. Described as ‘the toughest lockdown yet’ with restrictions not yet seen in Greater Brisbane before, the 11 Local Government Areas affected include:
Brisbane City Council
Gold Coast City Council
Ipswich City Council
Lockyer Valley Regional Council
Logan City Council
Moreton Bay Regional Council
Noosa Shire Council
Redland City Council
Scenic Rim Regional Council
Somerset Regional Council
Sunshine Coast Regional Council
However, to access funding released through the COVID-19 Business Support Grant, the silver lining is that your business doesn’t have to be located in one of the above LGA’s. To put it simply, it would seem that the Queensland Government recognises the impact that regional and rural communities face when dealing with multiple border closures as well.
As such, for businesses to apply for the $5,000 COVID-19 Business Support Grant, they must meet the following conditions.
Have a turnover of more than $75,000 per annum
Have an annual payroll in Queensland of up to $10 million.
Have experienced at least a 30% reduction in turnover as a result of the latest lockdown.
In addition, grants are also available for large businesses in the hospitality and tourism sector operating in the eleven local government areas, subject to meeting eligibility criteria.
Submissions open for the COVID-19 Business Support Grant in mid August, and applicants must be able to provide supporting evidence when making their claim. Successful applicants will be paid the grant funds within two weeks of being notified that their application has been approved.
Sourcing The Right Advice For Grant Submissions
State and Federal grant submissions can be meticulous processes, and you want to do all that you can to ensure your application presents your business in the best possible light. Considering the new world in which we live in, any form of grant or funding usually goes a long way when it comes to ensuring your business remains profitable. Depending on the size of your enterprise, location or industry, there may be a whole range of funding options available to you.
If understanding your finances, or the in’s and outs of doing business isn’t your strong point, then it may be reassuring to know that you’re not alone. In fact, many businesses big and small enlist the services of an accountant and business advisor, in order to free up their time while knowing that their financial obligations are already taken care of by the professionals.
What you choose to invest in or shy away from as a business owner can have a domino effect that ripples through your entire team - so are you confident in your financial choices? At Muro, we are more than just accountants. We offer our clients strategic business advice and ongoing support to help them reach their business and financial goals. Get in touch with us at Muro today to ensure that you’re on the right path for success in starting a business in 2021.