This morning, the Queensland State Government has announced a new $5,000 grant for small businesses and tourism and hospitality businesses affected by the latest lockdown. Many details are yet to be released however, it has been announced that $260m will be available through the Department of Employment, Small Business and Training. Further information is available here.
What we know
To access the grant, businesses must meet the following eligibility criteria.
- Small businesses – Have a turnover of $75,000 or more per annum and an annual payroll in Queensland of up to $10m and have had a 30% reduction in turnover as a result of the lockdown
- Other large businesses in the hospitality and tourism sector – must operate in the 11 LGA’s impacted by the lockdown and have had a 30% reduction in turnover as a result of the lockdown.
Important note: It is not yet clear how this 30% reduction in turnover will be measured. Historically it has been a requirement for grant applications such as this to include a copy of the businesses latest financial accounts and a letter from your accountant.
Timeframes
Grants will be processed on a first come first served basis as historically has been the case. We encourage you to submit applications as soon as the application date occurs, even if you are unsure of your eligibility. There have been instances of businesses missing out on grant funding by trying to get all aspects of their application clarified before submission.
It is expected funding will be available within two weeks that the application has been approved, but no mention yet on how quickly the Government expects to process the Grant.
Get in touch
Please contact your BDO adviser for further clarification on the grants available for your business.