How to get your share of the $100 Million in additional funding released by Queensland Government for Small Businesses affected by COVID-19
The Queensland Government has just announced a new round of grants available for Queensland small businesses affected by COVID-19.
Premier Annastacia Palaszczuk said the new grants program had been developed to assist those small businesses forced into hibernation, to restructure or to significantly change their business operations or move online.
The grant is designed to provide a quick hit of funds to help small business bet back on their feet and come through the other side as strong as they can be.
The eligibility criteria are as follows;
- 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 (Significant impact is at least a 30% decline in revenue compared to pre COVID-19 levels)
- 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.
This eligibility criteria is very achievable for most small businesses struggling due to COVID-19.
What the grant can be used for
This grant can be used for the following expenses;
- 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 new website, rebrand or content development
- 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 (eg online ordering platform)
- meeting day to day business costs, including utilities, rent.
A key difference in this grant compared to previous Queensland Government grants, is that funds can also be used towards any of the above activities even if they have already commenced or have been finished (As long as they were started on or after 23 March 2020). Previously it was essential to obtain grant approval before commencing a project.
How Link can help
With this funding available, now is a great opportunity to tackle some projects to make your business future fit.
The Link Advisors team can help with the following;
- Cashflow forecasts, budgets and business plans.
- Setup of Xero, payroll programs, online
The Link Pixel team can help with the following;
- A new website (or website rebuild)
- Brand refresh
- Content creation and social strategy
We’ll also happily assist you with the supporting documentation you’ll need for the application.
The application process
As we’ve seen before, demand for financial support is high. This money is being granted on a first come first served basis until the $100m has been exhausted….that’s 10,000 Queensland small businesses.
So, get your application in TODAY here.
Funding will be paid upon approval of your grant application.
Within 1 month of completing the project, applicants must:
- complete and submit an acquittal report through SmartyGrants (Queensland Government Grants portal)
- submit copies of supplier invoices and proof of purchase for the total project cost
Best of luck with it.