The Queensland Government has announced a second round of grants up to $10,000 for small businesses impacted by COVID-19.
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
- 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.
The first round was exhausted within days, so we encourage you to prepare your application now if you are eligible. At least for this round there is more time do this, with round 2 opening for submissions on July 1.
We are happy to assist if you require information for your application. Also, the Grant funds could be used for obtaining financial or professional advice to help your business recover from the recent downturn or aid future growth. Please contact us if you would like to discuss engaging Integrity Wealth or other professional advisers to provide such services and advice.