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COVID-19 Hardship and Grant Programs for SMEs and Individuals

COVID-19 Hardship and Grant Programs for SMEs and Individuals

As the COVID-19 pandemic slams many economies and residences in Australia, businesses desperately need assistance to stay afloat. With that, we’ll guide you through several COVID-19 hardship and grant options that you can apply for your business or as an individual.

Residential and Commercial Loan Deferrals

If you’re a small or medium business with an excellent credit standing, you can access loan payment deferrals for not more than three months.

Individual borrowers can also access various loan support options, including deferrals on a month-by-month basis. Since these support programs, more than 15,000 home loans and 700 commercial loans have received deferrals.

Many Australian banks will also support their loan customers, especially those heavily affected or recovering from the recent lockdowns, regardless of your location and industry.

Hardship Funds and Business Grants

Each Australian territory and state have different funding schemes and grants available for individuals and SMEs. Read on to know about Government financial support so you can take advantage of them.

New South Wales

SMEs, non-profits, and sole traders are eligible for a one-time business grant from $7,500 to $15,000. Applicants can apply for the grant until October 1, 2021, or speak with our mortgage brokers to discover how you can qualify for the program.


Small businesses in Victoria could apply for the Small Business COVID Hardship Fund and get a $10,000 grant if they had a more than 70% decrease in turnover. The applications will only accept registrants until September 10, but keep an eye on their Government website for further updates.

On the other hand, the Business Costs Assistance Program grants $4,800 for qualified small and medium enterprises. Check out Victoria’s official page for more information.


Small to medium businesses in Queensland can apply for hardship funds from $10,000 up to $30,000. Sole traders and individuals may also apply for small grants of around $1,000.

Western Australia

Small and medium businesses could apply for the second tranche of the Small Business Lockdown Assistance Grant for up to $3,000 financial support. That includes businesses operating in industries highly affected by the circuit-breaker lockdowns and temporary restrictions.

South Australia

SMEs in South Australia that had to cease operations due to the intensive lockdowns can apply for a $3,000 emergency grant. Sole traders can also qualify for a small grant of $1,000. Check on your local councils and official government site to know more about the deadlines and eligibility requirements.

Australian Central Territory

SMEs and non-employing businesses with a 30% decrease in turnover after COVID lockdowns are eligible for grants from $4,000 to $10,000. Visit your official government websites to know more about the program.

Hardship Funds and Grants For Individuals

The Australian Government COVID-19 Disaster Payment recently took off to help employees and workers who are currently struggling to earn a living due to a COVID-19 lockdown or public health order.

Grant amounts may vary depending on your state or current financial position. Feel free to speak with us to discover if you qualify for a COVID hardship fund today.

Grants for Tenants and Landlords

Landlords in the NSW who are hard-hit by the COVID-19 pandemic are eligible for up to $3,000 per tenancy. But they have to prove that the tenant’s weekly income decreased by at least 25% and keep paying a quarter of the entire rent payable per month.

The Victorian State also required commercial landholders to implement tenancy relief support adjusted to their tenants’ losses so they could stay afloat amid the pandemic.

Consider Refinance or Restructure Opportunities

With a specialist mortgage broker on your back, you can leverage refinance structures to significantly alleviate your monthly loan repayments without ultimately defaulting them.

At Plan A Mortgage, we can also help you ask for better rates and negotiate for reasonable loan terms or interest-only periods, depending on your unique needs as an individual or an SME.

Feel free to get in touch with us at 1300 052 055 or fill out our contact form today!

Disclaimer: This article presents content in a general nature and is solely for informative purposes only. It does not aim to provide public nor personal financial or tax advice. It does not include nor put into consideration your individual situation nor circumstances. Before taking an active decision, seek expert advice and thoroughly examine your current position. Moreover, this article is protected by intellectual property and copyright laws and should not be reproduced without prior written consent.



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