21 May 2020
The Queensland government announced on 19 May 2020 that $100 million in grants would be made available to small or micro businesses that are struggling through the COVID-19 climate. The Small Business COVID-19 Adaption Grant Program will focus on supporting small businesses that have been highly impacted or subject to closure from restrictions put in place due to COVID-19.
It aims to assist small businesses:
- Prepare to resume trading;
- Innovate their business through accessing digital technologies;
- Retain or increase employment levels;
- Benefit from new technologies or business models through upskilling;
- Diversify their business to adapt and survive.
Each eligible small or micro business can apply for up to a maximum of $10,000 in funding which can be used for the following activities:
- Professional advice including financial or legal to sustain and diversify the business;
- Financial counselling, strategic planning or business coaching to support business development and diversification;
- Marketing and communications activities to build the business e.g. website development;
- Strategic development including digital or technological;
- Adapting to new business models through training or re-training;
- Capital costs incurred to adhere to COVID-19 SAFE requirements;
- Software or specialised digital equipment required to support business operations online (e.g. logistics program for online ordering);
- Business costs including utilities and rent.
It’s important to note any funds granted can be used for the above activities occurring from 23 March 2020 onwards and all projects must be completed within six months of the approval date.
Early action is recommended as once the $100m has been allocated, the application process will close.
Is your business eligible?
To be eligible for the grant, your business must:
- Have been highly impacted or subject to closure by the Queensland shutdown restrictions announced on 23 March 2020;
- Be able to demonstrate a significant impact on revenue since 23 March 2020 due COVID-19 over a minimum period of one month;
- Employ fewer than 20 staff when applying for the grant;
- Hold a valid and active ABN as at 23 March 2020;
- Be registered for GST
- Have headquarters in Queensland
- For the last financial year, have had an annual turnover of greater than $75,000;
- Have payroll of less than $1.3 million;
- Not be insolvent or have owners/directors that are an undischarged bankrupt.
Applications can be made here. However, if you have further questions or would like more information prior to applying for the grant, please contact your adviser.
Findex has developed a Government Stimulus Health Check and free Business Wellbeing Toolkit to help businesses manage potential risks and take full advantage of eligible stimulus assistance. Book your Health Check here.