Cash Kicker to start the New Year

Lady with Cash.PNG

Premier Palaszczuk may not be opening the boarders anytime soon, but she’s not afraid to open Treasury’s coffers to support struggling small businesses .

The QLD Government has recently announced that Round 2 of the QLD Government Small Business GOVID-19 Adaptation Grant will open on 1 July 2020. Start the new financial year with a bang!

Round 1 of the Small business COVID-19 Adaption Grant closed within 5 days of opening due to unprecedented demand so make sure you’re organised and don’t get left wondering what may have been.

A maximum of $10,000 is available per small business (minimum $2,000).

In recognition of the significant impacts of COVID-19 on small businesses, the funding can be used towards the following:

  • financial, legal or other professional advice to support business sustainability and diversification

  • continuing to meet business operational costs including utilities, council rates, rent, telecommunication charges, insurance fees, licensing or franchise fees

  • strategic planning, financial counselling or business coaching aligned to business development and diversification

  • building the business through marketing and communications activities (e.g. content development – web pages, mobile apps, visual and audio media etc.)

  • digital/technological strategy development

  • digital training or re-training and up-skilling employees to adapt to new business models

  • capital costs associated with meeting COVID-19 safety requirements

  • specialised digital equipment or business specific software to move business operations online (e.g. logistics program for online ordering).

There are several hurdles you need to jump through first before your business is considered eligible. These include:

  • 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 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.

 Visit the following web page for further details:

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

Shake tax, not hands – get in touch with m+h Private Tax Grant Specialists today on +61 3036 7174 to see how we can help deliver the best support to you and your business.

As always, the above is general in nature, please discuss with your trusted advisor.

James Hoeftm+h Private