$10k Small Business Grant - Get Your Application Ready for lodgement on 1st July
We anticipate the demand for the second round of the Business Adaption Grant will be very high.Â
With the next round of funds being split evenly between regional & SEQ, we believe the time you will have to lodge your application may be less than the first round – which only stayed open for 6 days!Â
If you are planning on applying for this grant, we encourage you to prepare your application so it is ready for lodgement as soon as possible (from Wednesday 1st July)Â Â
Prepare your application:
- Register with Smartygrants on the Department of Small Business and Training website
- Prepare your application so you have everything ready to go. If you are unsure of what is required for your application, refer to this 2020 Small Business Adaption Grant Application Preview from Round 1. Â
- Have copies of your evidence prepared – Tax Return/BAS to show turnover and 30% reduction impactÂ
-  Have your quote/s from suppliers to demonstrate how the funds will be used. This grant is available to fund the cost of financial services and business coaching. If you are interested in using this grant to invest in the development and sustainability of your business; we can assist you. Please contact your accountant as soon as possible to discuss.Â
You applied in Round 1. but have heard nothing - what should you do?
APPLY AGAIN!Â
There have been significant delays in processing all the grants from Round 1. If you lodged an application and have not heard from a SmartyGrants representative, we encourage you to apply again.Â
Businesses who applied in the first round but have not heard back yet, or who were unsuccessful, can reapply in this round.
If you need help, call us.
As always, our team are here and ready to assist you should you need help with your application.Â
Time is of the essence so if you are in need of our assistance, we encourage you to contact us as soon as possible.Â
In May, the Queensland Government released the $10k Small Business Adaptation Grants to support small businesses affected by Covid-19 shutdown restrictions to get back on their feet. Â The grants were in such high demand, that the $100m in funding was exhausted within the first five days. Â The Government has now announced that on 1 July 2020 round 2 of the program will open.
- Successful applicants from round 1 of the program cannot apply for further funding under round 2.
- Businesses who applied in the first round but have not heard back yet,or who were unsuccessful, can reapply in this round.
- The available grant amount is a minimum of $2,000 and up to maximum of $10,000 per eligible small or micro business.
- The program is available to eligible businesses throughout Queensland. For round 2, funding is being equally divided between regional Queensland and South East Queensland (SEQ).
Eligibility Criteria
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 20Â 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 $1.3Â million
- not be insolvent or have owners or directors that are an undischarged bankrupt.
What will be funded?
The available grant amount is a minimum of $2,000 and up to a maximum of $10,000 per eligible small or micro business.
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).
Note: Grant funds can be used towards any of the above activities occurring from 23 March 2020 onwards, keeping in mind the project must be completed within a maximum of 6 months from the date of approval.
How to Apply
Round 2 will open on 1 July 2020
This funding round may only be open for a short period due to demand and will close when the funding allocation is anticipated to be exhausted.
Regional Queensland and South East Queensland will have independent funding allocations and may close at different times.
Get ready to apply by completing the following steps.
- Check your eligibility to:
- find out if you are eligible to apply for round 2
- confirm your business location
- subscribe to be alerted when round 2 opens.
- Read the application guidelines, frequently asked questions (FAQs) and application tips.
- Prepare your application and supporting documentation ready to submit when round 2 opens.
- After round 2 opens, return here to lodge an online application (only available after the round opens).
For more information visit the Queensland Business website.Â
How can Walsh Accountants Help?
As always, our team is here to assist you to understand the eligibility criteria, assess your financial position to ensure you can apply, and although you are required to lodge your own application; we we can help if you need our assistance.
This grant is available to fund the cost of financial services and business coaching. If you are interested in using this grant to invest in the development and sustainability of your business; we have all of the knowledge and tools available to assist you.
Our Focus Advisory team specialize in helping business owners take control of their numbers to grow their business. We are in the business of business – we live it; breathe it; and we love it! We are committed to helping business owners and unleash their potential by thinking critically about their business, establishing achievable goals, and stay focused on achieving them.
If you’re ready to come back better and stronger post COVID-19, we’re here to help you.
If you would prefer not to engage our team – not a problem! We encourage you to work through some of these processes yourself and have made the resources available on our website
Refresh, Reload, Relaunch your Business post COVID-19
