Financial support

 

Updated 28 September 2020, 3:30pm

If the impacts of COVID-19 are causing financial hardship for your business or for you personally, there is a range of government measures and resources which can help.

People unable to attend work because they have been diagnosed with coronavirus, need to self-isolate, or whose income has been impacted by the economic downturn caused by the coronavirus, may be eligible for income support payments. The Government is making these payments quicker to access by waiving the usual waiting period in certain circumstances. Visit the Services Australia website for more information or to apply.

Bank loans and repayments

Australian banks have agreed to defer repayments on loans to small businesses affected by the coronavirus outbreak for six months. They also have hardship teams ready to assist you with your business and personal financial arrangements, depending on your circumstances. Visit the Australian Banking Association website for more information.

Tax Relief

The ATO will provide administrative relief for certain tax obligations for taxpayers affected by the coronavirus outbreak, on a case-by-case basis. Contact the ATO on 1800 806 218 or visit ato.gov.au for more information. 

Rent Relief

Rent relief, including Commercial Tenancy Relief Scheme and Commercial Landlord Hardship Fund, are available for businesses. Measures include a temporary hold on evictions and a mandatory code of conduct for commercial tenancies to support small and medium sized enterprises (SMEs) affected by coronavirus. More information can be found via the links below.

To understand the process involved for landlords and tenants under the Commercial Tenancy Relief Scheme, please visit the process for commercial tenancy page. You can apply for free mediation with the VSBC to resolve your rent dispute. Make sure you include a copy of your or your tenant’s lease. 

If you would like to discuss your commercial tenancy situation, please email the Victorian Small Business Commission at enquiries@vsbc.vic.gov.au or telephone 13 87 22.

Grants and other financial assistance

Income support payments are also available. The Government is making these payments quicker to access by waiving the usual waiting period in certain circumstances. Visit the Services Australia website for more information or to apply.

Early access to superannuation plus a Business Support Fund are also some additional measures in place. Reflecting the Victorian Chamber’s advocacy on behalf of members, a third round of Business Support Fund grants of between $10,000 to $20,000 for small and medium sized employing businesses impacted by restrictions in Victoria were announced on 13 September. Further details on the fund, plus other financial support on offer, can be found on our government rescue measures page. For a full list of eligibility criteria and details of the application process, visit  Business Victoria.

Our International Consulting Services for export and trade assistance are some of the resources and tools which can help. 

If financial or social challenges are making it hard to manage toll payments, Linkt can help. Their confidential support is adapted to your changing needs, head to the website to find out more.


Government assistance


Tools and resources