What You Should Know About Business Costs Assistance Program Round Two

The COVID-19 has been a big blow to every small and medium-sized business in Australia and all over the world. This impact does not stay limited to the employment as well as the non-employing businesses and the recent Victorian restrictions might be a great reason for their setback. To help things turn out for good for the businesses, the Victorian Government has sanctioned the grant which will help them bounce back into revenues.

Let us understand more clearly what it is all about and who all are eligible to claim this.

Program overview
The Business Costs Assistance Program Round Two is a whopping $371 million project designed by the Victorian Government. This program oversees to assist every small or medium-sized business falling under the jurisdiction of the government and who were massively affected by the restrictions announced on 27th May 2021, Thursday. As this restriction was expected to stretch beyond 3rd June 2021, Thursday, the government felt the need of supporting them.

The eligible employing and non-employing businesses will be receiving grants of up to $5,000. These businesses are the ones that are directly impacted by the restrictions. The businesses having an annual payroll of up to $10 million will receive grants of $2,500 or $5,000. There are multiple information and guidelines this program bears and any business applying for the same must have proper knowledge about the same before applying for it.

The BCAPRT Tourism supplement
The most affected Victorian tourism businesses will get allocated support of $11.8 million while they are managing a recovery from the recent restrictions. The eligible businesses include accommodation, attraction, and tourism operations, which will receive an additional $4,500 so that the total grant amounts to $7,000.

Eligibility criteria
The eligible businesses:
Must be located within the Victorian territory
Must be operating in an eligible sector that is listed on eligible ANZSIC classes for this program
Must have incurred direct costs and cannot completely operate remotely
Must have an annual Victorian payroll of up to $10 million in 2019-2020
Must be registered for GST on 27th May 2021, Thursday
Must hold an Australian Business Number on 27th May 2021, Thursday
Must fall under registration with Federal or State regulator

The employing businesses must:
Be registered with WorkSafe Victoria
Be proving documents of the business supporting its workers to access paid leave entitlements or support the work from home initiatives

The grant amount
A one-off payment of $2,500 or $5,000 is allocated for most of the businesses. The businesses can collect their grant amount through their verification of the:
Business industry sector
Business location

How to apply?
All the applications that are submitted must reach the department within 11:59 pm on 24th June 2021, Thursday.

You can complete all the questions listed on the website and submit them for fast processing. The Victorian Government or their representatives would audit the application and ask for relevant proofs. Any misleading information would demand you to repay the grant you received. You can check the FAQs on the official website to know more details.https://business.vic.gov.au/grants-and-programs/circuit-breaker-business-support-package/business-costs-assistance-program