The Queensland Government announced COVID-19 lockdown that commenced on Saturday 31 July 2021 and subsequently released initial details relating to Business Support Grants for affected small and medium businesses. The new $5,000 Grant (excluding GST) will provide cash flow support for employing businesses that may be used for business expenses.
More information including the guidelines and details of how to apply will be available from the Queensland Government in the coming days.
Below are the current information that has been released relating to the Grant:
Eligibility Criteria:
1. The Business does not have to be located in the effected lockdown area of South East Queensland;
2. The Business must have experienced at least 30% reduction in turnover as a result of the lockdown. Please note that it is not yet clear on how the 30% reduction will be measured, or how the link to the lockdown can be verified;
3. Small and medium business are defined as having:
a. A turnover of more than $75,000 per annum; and
b. An annual payroll in Queensland of up to $10 million.
4. Grants are also available for large businesses in the hospitality and tourism sector operating in the local government areas in the lockdown, subject to meeting the eligibility criteria.
How to Apply:
1. Online applications will open in mid-August;
2. Supporting documentation will be required. It is not yet clear on the supporting documentation required and further information to be released shortly by the Government. From previous Grants, a copy of business financial accounts and letter from your accountant was required;
3. Grants will be processed in the order that they are received. The Government has announced that all eligible businesses who apply for the grant during the 3-month application period will receive funding; and
4. The Grant will be paid within two weeks that the application is approved. Processing times are unknown.
Just a reminder that each State is continuing to release details of their own support for businesses. Should you be affected by another State lockdown, please contact us and we can provide further information for that State.
Should you have any questions, please do not hesitate to contact our office on (07) 5556 3300 or info@wmssolutions.com.au
Written by Melissa Ciuffetelli.
DISCLAIMER: This article is intended to provide a general summary only and should not be relied on as a substitute for professional advice.
© 2021 WMS Solutions Pty Ltd
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