Queensland businesses who are struggling as a result of the state’s newest lockdown have been given a financial support lifeline by the state government in the form of a $10,000 lockdown grant.
The announcement was made on Monday 2nd August by Queensland Treasurer Cameron Dick, who revealed that the $260 million support package will be open to all businesses in the state regardless of whether they operate in a region where the lockdown has been enforced.
The grants aim to primarily assist small and medium-sized Queensland businesses, especially large hospitality and tourism companies across the state who have been impacted by the latest lockdown.
“We’ve had two lockdowns in the space of one month, and that just hasn’t allowed Queensland businesses to be able to recover from the impact. $10000 will be grants available to Queensland businesses, not just businesses in the locked-down area. That will be available to all Queensland businesses,” said Queensland Treasurer Cameron Dick.
Businesses eligible to apply for the grants will have to provide evidence that proves they have experienced at least a 30 percent reduction in turnover due to Queensland’s latest lockdown.
The Queensland Government defines small and medium businesses as having a turnover of more than $75,000 per annum and an annual payroll in Queensland of up to $10 million.
Large hospitality and tourism companies who are planning to apply for the grants will have to be operating in one of the 11 government areas currently under lockdown and will be subject to further eligibility criteria.
Online applications will become open in the middle of August, with grant payments made into those businesses’ accounts within two weeks of receiving government approval.
Despite the announcement, questions have already been raised about how effective that two-week turnaround is for businesses already struggling.
The Queensland Treasurer quickly defended the timeframe for payments.
“We are looking to set up the processing administrative process for this within two weeks. That will be twice as fast as New South Wales. “We will work as hard as we can, we will be getting the money out as quickly as we can,” said Queensland Treasurer Cameron Dick.
The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 07 36086800.
The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 1300 1 VAULT (1300 182 858)
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