The Government is giving us money? Why would they do that? Here are 10 of the most asked questions about the Government grant.
- Is my business eligible for the Government Grant?
- I’ve got a grant from the QLD Government, am I eligible for the Federal Government Grant?
- How can I use this for my business?
- Can you help me with the grant application process?
- Once I apply, how soon can I get the funds?
- What is better: Government Grant vs subsidy?
- How do Federal Grants work?
- What Government Grants are available for small businesses?
- How do grants help small businesses during COVID?
- Why is the Government giving out Grants?
1.Is my business eligible for the Government Grant?
We await more detailed information about the government grant – based on Queensland’s Grant criteria if your business has lost around 20% of revenue since April 2020, your business may be eligible for the grant, however, again, we eagerly await the release of more details.
2.I’ve got a grant from the Queensland Government, am I eligible for the Federal Government Grant?
It remains to be seen how the eligibility of State and Federal grants will overlap or eliminate the requirement criteria. What we can be sure of is that some tax offsets have, generously, been complementary to Queensland’s digital adaptation grant i.e. some recipients were granted $10K for services, and the payroll tax was cut for FY1920.
3. How can I use this for my business?
It depends on your goals. The strategy is everything. Digital adaptation is important, however, your business needs might determine a very different use for the grant. For example, for Jo, her grant was used to define a diversification strategy. Whereas, for Rocas Painting we created a Google Ads campaign to drive leads.
4. Can you help me with the grant application process?
Of course – that’s what sets us apart. As a boutique marketing firm our services are defined by our dedication to our clients. That means we can draft a proposal that maximizes your chances for success and help you every step of the way.
5. Once I apply, how soon can I get the funds?
From our experience, it was about 5 weeks from the time of approval to receive the funds. Please note that notification of the approval took some time for the state grants and at a federal level this is likely to take even longer.
6. What is better: Government Grant vs subsidy?
A lot of businesses are asking what’s better, a Government Grant or Subsidy? In some cases, you might be able to use both. An example of a government subsidy would be the JobKeeper scheme. Both are forms of funding. While a grant offers cash to further increase cash flow, the Governments’ subsidy program typically targets a reduction in the cost of living. I.e. energy bill subsidy.
7. How do Federal Grants work?
If the federal government’s grant is anything like some of the state governments’ grants, firstly, an application is made by the business owner that sets out to prove eligibility. At this stage, the business outlines why and how the service will help (this is where we come in). Forms of evidence are supplied such as a service proposal and profit and loss statements showing a deficit in sales caused by COVID. The business owner waits around 5 weeks for a reply. Another 5-6 weeks later, the funds are in the bank. The Government then asks for invoices for those services.
8. What Government Grants are available for small businesses?
There are a number of grants local, state and national grants available assisting all kinds of sectors from tech start-ups to agribusinesses. You can check for available grants with this tool: https://business.gov.au/Grants-and-Programs.
9. How do grants help small businesses during COVID?
With so many changes to our working and living conditions, the digital economy is fundamentally important to small businesses. Digital adaptation grants help in two-ways – a) to enable ecommerce and online client interaction and b) to stimulate businesses’ spending boosting the whole economy.
10. Why is the Government giving out Grants?
Businesses that are not online risk being caught on the wrong side of the digital divide. At such a crucial, shifting point in the way people shop, the Government’s grants play a vital role in helping businesses become more resilient and responsive to customers’ changing expectations.
Looking to get ready for the new grant or just looking to re-imagine your digital strategy? We have a range of services that help small businesses grow big. Get in touch with one of the team, today!