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Business financial support

Find financial support to help your business through coronavirus (COVID‑19)

A range of financial support is available from the Australian and Victorian governments to help your business through coronavirus (COVID-19). This page will help you find programs and other support options available to you and your business.

Support programs

Coronavirus (COVID-19) Test Isolation Payment

The Victorian Government is providing a one-off $450 payment to financially support Victorian workers, including parents and guardians, who are required to self-isolate while waiting for the results of their coronavirus (COVID-19) test.

To find out if you are eligible for this payment, please go to the DHHS website.

Note: the Australian Government’s Pandemic Leave Disaster Payment has replaced the Victorian Government’s $1,500 coronavirus (COVID-19) Worker Support Payment. Please visit Services Australia for more information on how to apply.

Payroll tax exemption for additional payments made under the JobKeeper program

As we face coronavirus (COVID-19), the Victorian Government has recently announced new payroll tax exemptions to help ensure more money in the pockets of businesses, and greater incentive to keep workers on.

Download the fact sheet

Economic Survival Package Fact Sheet

The Victorian Government has established an economic survival package to support Victorian businesses and workers impacted by coronavirus (COVID-19).

Download the fact sheet

Australian Government economic response to coronavirus

Please note: This information has been updated to include the extension of the JobKeeper Payment until 28 March 2021 as announced on Tuesday 21 July 2020.

The Australian Government has announced a $320 billion economic plan in response to coronavirus (COVID-19).

Support for businesses includes:

Cash flow assistances for businesses

  • providing up to $100,000 to eligible small and medium sized businesses, and not‑for-profits (including charities) that employ people, with a minimum payment of $20,000.
  • Providing 50 per cent wage subsidies to eligible employers of apprentices and trainees for up to nine months from 1 January to 30 September 2020.
  • Up to $125 billion in support for credit to flow through $20 billion of loan guarantees for small businesses, and actions announced on Thursday 20 March to support $90 billion of business lending.

Regulatory protection and financial support for businesses to stay in business

  • A Coronavirus SME Guarantee Scheme which will support small and medium enterprises (SMEs) to get access to working capital to help them get them through the impact of the coronavirus.
  • A temporary increase to the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive.

Delivering support for business investment

  • An increase to the instant asset write-off threshold from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
  • a time limited 15-month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions.

Coronavirus SME Guarantee Scheme

The Coronavirus SME Guarantee Scheme will provide small and medium sized business with timely access to working capital to help them get through the impact of coronavirus (COVID-19).

The Government will provide eligible lenders with a guarantee for loans with the following terms:

  • SMEs, including sole traders, with a turnover of up to $50 million.
  • Maximum total size of loans of $250,000 per borrower.
  • Loans will be up to three years, with an initial six month repayment holiday.
  • Unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.

JobKeeper Payment

On 21 July 2020, the Australian Government announced an extension of the JobKeeper Payment until 28 March 2021, targeting support to those businesses and not-for-profits who continue to be significantly impacted by the Coronavirus.

  • The existing JobKeeper Payment will remain in place until 27 September 2020. Information about the operation of the JobKeeper Payment until 27 September 2020 is available on the ATO website.
  • From 28 September 2020, the JobKeeper Payment will be extended for businesses and not-for-profits that have been most significantly impacted, the payment rates will be stepped-down and two tiers of payment will be introduced.

Further changes were announced on 7 August 2020 to adjust the reference date for determining employee eligibility and make it easier for organisations to qualify for the JobKeeper Payment extension.

From 28 September 2020, businesses and not-for-profits seeking to claim JobKeeper Payment will be required to re-assess their eligibility for the JobKeeper extension with reference to their actual turnover. The JobKeeper extension will be available to qualifying businesses and not-for-profits from 28 September 2020 until 28 March 2021.

The ATO is administering the JobKeeper Payment and detailed information and guidance on JobKeeper is available on the ATO website.

Support for workers and households

  • The government is temporarily expanding eligibility to income support payments and establishing a new, time-limited coronavirus (COVID-19) supplement to be paid at a rate of $550 per fortnight
  • The government will allow individuals in financial stress as a result of the coronavirus (COVID-19) pandemic to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.

For information on the Australian Government’s economic response to coronavirus (COVID-19) refer to: https://treasury.gov.au/coronavirus.

JobTrainer Skills Package

The Australian Government has announced a $2 billion JobTrainer skills package, to reform the Vocational Education and Training sector and keep apprentices in jobs. In partnership with the states and territories, more Australians will have access to free, or low cost, training places in areas of identified skills needs through the establishment of a new $1 billion JobTrainer fund. Visit business.gov.au to learn more

Supporting live music venues

Victoria is home to a vibrant and hard-working live music community. Our live music scene means so much to so many Victorians – and it’s a big part of who we are.

That’s why the Victorian Government has introduced a range of support to protect and provide relief for live music venues across the state,  during the coronavirus (COVID-19) pandemic.

Read the Support for music venues fact sheet (DOCX 114.67 KB)DOCX icon.

Working for Victoria Fund

Under the Working for Victoria Fund, displaced workers will be eligible to apply for different types of work. This presents opportunities for paid work and an opportunity to contribute to Victoria’s ability to manage this event and support the community.

Register your interest here