YAY, Brissy is out of lockdown. BOO, no new details have been given regarding the $5,000 Queensland Government Business Support Grants. So far, the only criteria stated are that your turnover must be over $75k per annum, payroll must be less than $10M per annum and you must have suffered a 30% downturn in turnover. The Business Queensland website says grant applications will be open from mid-August. That’s next week. So, get your skates on and start thinking “what can I do for my business right now to ensure I am ready to apply for that grant as soon as applications open?”
Number 1 on the list is to get on top of your bookkeeping. There will be no way of showing that you have had a 30% drop in turnover unless you have your books up to date. The applications will be open from mid-August until November, but the sooner you get your application in, the sooner you will get some help with that injection of lovely cash. Business Queensland say the payment turnaround is two weeks from the grants being approved. The sooner the better for a lot of small businesses who are just holding on by their fingernails.
Number 2 is to prepare a cash flow forecast for your business. Unfortunately, COVID hasn’t gone away and there could be more lockdowns to come before the majority of Australia is vaccinated. Planning the use of your cash for that eventuality may help your stress levels if it does happen again.
If you are stuck on where to start with either of these checklist items, JOG can help. We are also pretty adept at providing assistance with grant applications. Whatever you need, we can be your knights in shining armour in this time of uncertainty. Give us a shout!
