Up to $100 million is being made available by the Queensland government to deliver a second round of grants. In this release we note that half of the funding is specifically earmarked for regional small businesses located outside of South East Queensland.
The objective of this program is to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions announced by the Queensland Government, to adapt and sustain their operations, and build resilience.
The program aims to see small and micro businesses:
- prepare for the safe resumption of trading in the post COVID-19 recovery
- continue to meet operating costs
- 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.
Applications for round two will open on 1 July 2020 and as the first round grant was exhausted and closed, within a few days we highly recommend that you prepare now if you wish to submit an application for this second round.
It is important to note that only one application per round will be accepted from an individual ABN or a financial beneficiary of a business. Any successful applicant from round one, cannot apply for funding under round two. If you have submitted an application in round one, but haven't heard back yet, you are eligible to apply for round two.
Round two of the program is available to eligible businesses throughout Queensland, and funding is being equally divided between regional Queensland and South East Queensland.
Eligibility
To be eligible, your 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, read more here
- demonstrate you have experienced a minimum 30% decline 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 (employees must be on your payroll and does not include the business owner(s))
- 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 2018–19 or 2019–20 financial year, or you can provide financial records that show this will be met for recently started small businesses
- have a payroll of less than $1.3 million
- not be insolvent or have owners or directors that are an undischarged bankrupt.
Read more about the adaption grant here or contact your Moore Australia adviser for assistance in preparing your application and being ready for 1 July 2020.