The Queensland Government has backed small businesses to further drive economic recovery with a $140 million Big Plans for Small Business strategy funded in the 2020-21 Budget announced last week.
Minister for Employment and Small Business and Minister for Training and Skills Development Di Farmer said Queensland’s economic recovery is already underway, made possible because of our strong health response. “Small business is vital to this recovery as the engine room of the economy,” Mrs Farmer said.
“That’s why we have provided $2.3 billion in tax relief, grants, electricity rebates and loans that have supported businesses to keep 334,000 Queenslanders in work through the COVID-19 pandemic.
“We also introduced a target of 25% of all government purchases to be from Queensland small and medium size businesses from July 1 which will be extended to 30% by June 2022.
“Now we are committing another $140 million to back these valuable employers, building on our substantial support so far.”
Support for growth and skills
The Big Plans for Small Business strategy will support private investment with an initial $100 million Business Investment Fund. Managed by Queensland Investment Corporation, this fund will support SMEs to grow and expand into new markets.
An additional $30 million will be invested in increasing skills and capability and will provide a pool of money for small business grants focusing on priority industry sectors, as well as regional exporters seeking to develop new markets. A Summertime Taskforce to support businesses to be more COVID-safe and move outdoors has also been established.
The Government has also pledged $10 million to make the Small Business Commissioner permanent, following a rising demand for businesses to navigate leasing disputes with their landlords.
Preparing for the recovery
The budget announcements represent the latest tranche of support provided to SMEs to help them navigate the COVID-19 pandemic. Earlier in the year, the government pledged $196 million in Small Business COVID-19 Adaption Grants, $950 million in payroll tax relief and $1 billion in Jobs Support Loans.
“The Small Business COVID-19 Adaption Grants have already helped about 20,000 businesses throughout Queensland with more than $176 million in grants,” Mrs Farmer said.
“The grants have allowed businesses to update a range of processes and prepare for post-COVID operations.”
Other COVID-19 initiatives announced by the state government to assist SMEs in 2020, include:
- $950 million in payroll tax relief
- $500 million for the Backing Queensland Business Investment Fund to support businesses that need capital to create jobs
- $400 million in land tax relief
- $196 million for Small Business COVID-19 Adaption Grants, paid to 19,000 businesses
- $100 million in electricity bill rebates
- $1.2 million to establish a regional network of business support officers in partnership with the Chamber of Commerce and Industry Queensland.
For more information refer to the official Queensland Government budget website.
Get in touch today to find out about OnDeck’s funding options that could support with finance for your SME’s recovery planning.
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