Tasmanian State Government announces a new round of grant funding for businesses affected by COVID-19

The Tasmanian government has announced a further grant funding round for businesses that continue to be impacted by COVID-19. The COVID-19 Small Business Sustainability and Recovery Grant will open for applications on 3 August and close on 24 August.

The grants are $5000 and there is a total of $15 Million available, meaning a maximum of 3000 grants will be issued. This round of funding will require applicants to meet eligibility criteria and assessment criteria.

Eligibility criteria:

• Have employed fewer than 20 FTE staff at 29 February 2020, with payroll less than $1.25 million;
• Hold an ABN for the applicant business, which must have been active on or before 29 February 2020, and continues to be active;
• Have an annual turnover of greater than $50,000 for 2018/19 or 2019/20 (special rules apply for newer businesses);
• At least 50% of the business owner’s income must come from the applicant business; and
• Business must predominantly operate in Tasmania and business owners must reside in Tasmania.

Assessment criteria:

• How the border closures or public health restrictions or interstate/international export markets subject to COVID-19 related restrictions are continuing to directly or indirectly impact the operation of the business (20% weighting);
• Financial impact the above restrictions and conditions are continuing to have on the business (20% weighting);
• Measures that have been implemented by the business owner to sustain the business between March and July 2020 (30% weighting); and
• Additional measures that will be implemented to sustain the business into recovery (30% weighting).

Assessment of applications will begin on 25 August. The Department of State Growth expects that the assessment process will take between three to six weeks.
 
Full details can be viewed here