Financial assistance for Queensland business

The Queensland government has committed $100 million in funds to small business grants designed to help businesses respond to the COVID-19 pandemic.

Small businesses that have been affected by the COVID-19 pandemic, such as being required to close, or having substantial drops in turnover, will be able to apply for the grant, valued at up to $10,000 each.

Premier Annastacia Palaszczuk said the money would target businesses forced into hibernation, restructuring or those dealing with other significant changes to their businesses.

The Small Business Adaption Grants can be used to pay for such things as professional advice, buy new equipment, or to market the business through its recovery phase.

Many small businesses don’t have funding available so these grants will assist in the recovery process.

The program aims to see small and micro businesses:

• prepare for the safe resumption of trading in the post COVID-19 recovery
• access digital technologies to rebuild business operations and transition to a new way of doing business
• respond to online opportunities, where possible, to sustain employment and maintain potential for longer-term growth
• upskill and reskill business owners and staff to benefit from new technologies or business models
  embrace business diversification to adapt and sustain operations
• create or retain employment.

The funding can be used towards the following:

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

Note: Grant funds can also 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.

Once the program budget has been fully allocated, applications for the program will close. It is estimated that approximately 10,000 small businesses will be supported through this program.

Eligibility criteria

To be eligible, the business must:

• 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 that business revenue has been significantly impacted 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
• 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 last financial year
• have a payroll of less than $1.3 million
• not be insolvent or have owners/directors that are an undischarged bankrupt.

 

Apply for the Grant here:

https://www.business.qld.gov.au/starting-business/advice-support/grants/adaption

 

Please note that this article has been prepared by Bell Legal Group, for information purposes only. It is not legal advice nor should it be relied upon as such.

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