Additional $100 million in small business grants for Queensland small businesses

Additional $100 million in small business grants for Queensland small businesses

As part of the QLD Government’s stage 2 Economic Recovery Strategy, small businesses impacted by COVID-19 will be able to tap into a new $100 million funding round.

Grants of up to $10,000 will be made available from 1 July 2020 to help small businesses survive and grow their staffing levels, with half of this funding being specifically earmarked for regional small businesses located outside of South East Queensland.

The additional funding comes after the State’s first round of small business grants were “snapped up within days”, stated Premier Palaszczuk

The objective of this program is to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions announced by the Queensland Government, to adapt and sustain their operations, and build resilience.

The program is available to eligible businesses throughout Queensland, however round 2 funding is being equally divided between regional Queensland and South East Queensland (SEQ).

You are a South East Queensland (SEQ) business if your principal place of business is located in one of the following local government areas:

  • Brisbane City Council
  • City of Gold Coast
  • Ipswich City Council
  • Lockyer Valley Regional Council
  • Logan City Council
  • Moreton Bay Regional Council
  • Noosa Shire Council
  • Redlands City Council
  • Scenic Rim Regional Council
  • Somerset Regional Council
  • Sunshine Coast Council
  • Toowoomba Regional Council

You are a ‘regional business’ if your principal place of business is any other local government areas within Queensland that is not identified as a SEQ location.

Are You Eligible?

There are key eligibility criteria that will apply:

  • have been subject to closure or otherwise highly impacted by current shutdown restrictions announced by Queensland’s Chief Health Officer on 23 March 2020
  • demonstrate you have experienced a minimum 30% decline since 23 March 2020, over a minimum 1-month period due to the onset and management of COVID-19
  • employ staff and have fewer than 20 employees at the time of applying for the grant (employees must be on your payroll and does not include the business owner(s))
  • have a valid Australian Business Number (ABN) active as at 23 March 2020
  • be registered for GST
  • have a Queensland headquarters
  • have an annual turnover over $75,000 for the 2018–19 or 2019–20 financial year, or you can provide financial records that show this will be met for recently started small businesses
  • have a payroll of less than $1.3 million
  • not be insolvent or have owners or directors that are an undischarged bankrupt.

Only one application per round will be accepted from an individual ABN or a financial beneficiary of a business.

Successful applicants from round 1 of this program cannot apply for funding under round 2.

If you have submitted a round 1 application but haven’t heard back yet, you are eligible to apply for round 2.

How Can You Use the Grant?

Funding can be used towards:

  • financial, legal or other professional advice to support business sustainability and diversification
  • continuing to meet business operational costs including utilities, council rates, rent, telecommunication charges, insurance fees, licensing or franchise fees
  • strategic planning, financial counselling or business coaching aligned to business development and diversification
  • building the business through marketing and communications activities (e.g. content development – web pages, mobile apps, visual and audio media etc.)
  • digital/technological strategy development
  • digital training or re-training and up-skilling employees to adapt to new business models
  • capital costs associated with meeting COVID-19 safety requirements
  • specialised digital equipment or business specific software to move business operations online (e.g. logistics program for online ordering)

Note: Grant funds can be used towards any of the above activities occurring from 23 March 2020 onwards, keeping in mind the project must be completed within a maximum of 6 months from the date of approval.

For more information regarding eligibility criteria and how to apply click here.

To find out more about the QLD Small Business Grant or any of the other Government Stimulus packages Contact us to speak with one of our experienced advisors.

Source: www.business.qld.gov.au

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