$2.27 billion in further business support to help businesses and workers

The Victorian Chamber welcomes the announcement of a fifth allotment of joint Federal and State Government funding to see business and workers through until vaccination rates hit the targets we need to open up under the Roadmap to Deliver the National Plan.

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The Victorian Chamber has been advocating for further assistance to support business until hospitality, entertainment, sport, retail, events, tourism and recreation sectors can safely open and trade once we reach 70 and then 80 per cent fully vaccinated targets. This latest support package includes: 

Continued automatic payments ranging from $1,000 to $8,400 per week to approximately 124,000 eligible businesses until the end of October under a $1.26 billion boost to the Business Costs Assistance Program (BCAP). Businesses that remain closed or severely restricted will continue receiving payments into November.  

A $407.5 million addition to the Licensed Hospitality Venue Fund through which automatic payments of amounts between $5,00 and $20,000 each week will be granted to eligible cafes, restaurants, hotels and bars until the end of October, with reduced payments continued for the first half of October to reflect lower restrictions in place at that stage of the Roadmap.  

A one-off payment of $20,000 to more than 30,000 eligible businesses through a $600 million boost to the Small Business COVID Hardship Fund 

This brings the total amount allocated to helping Victorian businesses get through lockdowns to $6.6 billion since late July 2021. The Victorian Chamber encourages members to apply for all the assistance to which they are entitled and will continue providing information and assistance on how to do so at victorianchamber.com.au. 

To be attributed to Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra:  

“We can see the finish line but there are still many weeks of struggles ahead for Victorians and the business community. This latest round of funding will hopefully see businesses make it through and be able to commence trading once we reach the 70, and then 80 per cent double vaccination rates.  

“Today is day 242 of lockdown – that’s 242 days of impacted trading, and then on the days between where we have been open, it has been under restricted trading conditions.  

“Financial support is crucial, but the best support we can give business is the ability to trade. We want to get back to doing what we do best, which is serving customers and servicing the community. The Victorian Chamber will continue pushing for the Victorian Roadmap to align more closely with what NSW has planned, with greater cap numbers for hospitality and retail. 

“Let’s make October all about vaccination and let’s get those vaccination rates up and see the time between shots decreased. That was we can get business back open and Victoria back flourishing.” 

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