The Small Business Advice for Recovery Program aims to assist Tasmanian small businesses to recover from the detrimental economic effect the COVID-19 pandemic. This program allows small businesses a grant of $750 to help them recover from the pandemic. These grants can be put towards the cost of acquiring advice or a business service from an appropriate consultant.

Grant applications are already open and will close either on 22 February 2021 or when the funding has been fully allocated. There are a number of eligibility requirements:

• An eligible business must have an active ABN as at 29 February 2020
• The business must be located and operating in Tasmania
• The business owner must reside in Tasmania
• The business cannot be subject to any legal impediment
• The business must have employed less than twenty FTEs at 29 February 2020
• The business needs to demonstrate a turnover above $50,000 (exc. GST) for either the 2019 or 2020 financial years.
• Recently established business must demonstrative that indicative turnover would have exceeded $50,000 (exc. GST).
• Have a business bank account in the same name as the applicant business name
• If a business owner has multiple ABNs they can apply for a maximum of two businesses.

PKF Tasmania can help you to determine your eligibility for this program’s grant.

Eligible advice includes:

• Cash flow projections
• Managing risk
• Diversifying the business enterprise
• Adding value to products and services produced by the business enterprise
• Marketing plans and or business plans
• Legal matters
• Supporting the lodgement of an application for the Business Growth Loan

Importantly, the grant is not for the provision of routine accounting advice or services.

PKF Tasmania can give you advice on these issues or work with other professionals in specialist areas, such as law.

For further information, contact Daniel Rands at drands@pkftasmania.com.au