Extra $340 Million of Covid Relief Packages for Businesses Now Available

The Commonwealth and Queensland Governments have agreed to raise the COVID-19 Business Support grants from $260 million to $600 million.

This $340 million dollar boost to the grant offers additional support to businesses and sole traders struggling due to the COVID-19 crisis and recognises the impact that the recent South East Queensland and Cairns lockdowns have had on businesses.

The grant offers support for businesses that have had a decline in turnover of more than 30 per cent.

Tiered payments based on payroll size are available to all businesses across Queensland, no matter the size of your business there is support available.

Small Businesses: Queensland small businesses with a payroll less than $1.3 million can access a $5,000 one-off, top-up grant.

Medium sized businesses: Queensland medium sized businesses with a payroll between $1.3 million and $10 million are eligible to receive a $10,000 one-off, top-up grant.

Large sized tourism and hospitality businesses: Large scale businesses in the tourism or hospitality industry that have a payroll greater than $10 million can access a $25,000 one-off, top-up grant.

Support is also available for non-employing sole traders in Queensland with a $1,000 one-off grant on the table.

The increase is welcomed news for businesses who have been hit hard by the COVID crisis, and to sole trades who are incredibly vulnerable to the unpredictable changes that COVID-19 has brought.

As businesses continue to navigate these challenging times it’s great to see the government is stepping up to offer support. As always PVW Partners is also here with services and advice available to help your business.

For more information on the grant, visit the Business Queensland website.