The Victorian Government has today announced a new rent relief scheme for small to medium sized businesses.
It will be available to tenants with a turnover of less than $50 million and who have suffered a decline in turnover of at least 30% due to Covid-19.
Under the new scheme, landlords will be required to provide proportionate rent relief to eligible tenants which is consistent with the tenant’s reduction in turnover. At least 50% of the rent relief offered must be by waiver and the remainder by way of deferral.
The new rent relief scheme will be applied from 28 July 2021 and is expected to operate until January 2022.
What does this mean for landlords and tenants? Read more…