The Queensland Government has announced an extension to the Small Business Adaption Grant Program. As a part of Stage Two of the government’s Economic Recovery Strategy, up to $100 Million is being made available to deliver a second round of grants. Half the funding is earmarked for regional small businesses outside of South East Queensland.
The objective of the program is to support small businesses subject to closure or highly impacted by the COVID-19 shutdown restrictions, 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;
- 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; and
- create or retain employment.
Up to $10,000 is available. Services AAA+ Financial Solutions can assist you with:
- strategic planning, financial counselling or business coaching aligned to business development and diversification
- financial management to support business sustainability and diversification
- review and implement best practice financial systems
- resilience planning to safeguard for future events
- asset management and funding
To be eligible, the 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 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
- 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.
Successful applicants from round one of this program cannot apply for funding under round two. If you have submitted a round one application but haven’t heard back yet, you are eligible to apply for round two.
Applications for the grant will be opened on 1 July 2020.
More information can be found here.