Queensland and federal governments announce joint $600m COVID-19 business package
The pool of money for support grants for Queensland business hit hard by COVID-19 lockdowns has more than doubled, after the state and federal governments reached a funding agreement on Friday afternoon.
- The state and federal governments will each be contributing $300 million for the package
- The grants will now be tiered and based on business size
- Amanda Rohan from Chamber of Commerce and Industry Queensland said it was welcome news
Queensland was set to open applications for a $5,000 business support grants on Monday, which had been funded to the tune of $260 million.
That has been ramped up to $600 million, with the state and federal governments each contributing $300 million.
The grants will now be tiered and based on business size.
They will be open to businesses whose turnover has declined by more than 30 per cent.
- $10,000 one-off grants for small businesses with payroll of less than $1.3 million
- $15,000 for medium-sized businesses with payroll from $1.3 million to $10 million
- $30,000 for large tourism and hospitality businesses with payroll greater than $10 million
Further information can be found by following this link: https://www.business.qld.gov.au/starting-business/advice-support/grants/covid19-support-grants
Non-employing sole traders will also now be eligible for $1,000 grants. An application process for sole traders is still being developed.
Also good news for NSW and Victoria
It’s good news for NSW businesses with the government announcing a three-quarter of a billion support package to keep businesses afloat during the latest lockdown.
The VIC government has also announced extended support for businesses that have been doing it tough over the last five lockdowns – with the hopes that it will assist small business recovery.
Meanwhile, the PM has just announced in principle, the vaccination target plan for the states and territories to move through the phases of eased restrictions and begin slowly reopening the nation. A 70 per cent vaccination target is the aim and the PM suggests it’s up to all Australians to do their bit.
“Every single jab, every single vaccine, will take us closer to achieving each of these steps and as Australians, we have to take each step together and that starts with walking in the door of that vaccine clinic and seeing that GP, that pharmacist, the state hub, and getting that vaccine,” Morrison said.