As the flood clean up winds down at Brisbane Markets, it’s time for Markets businesses to start counting the cost of the natural disaster. There are a number of assistance programs that can help recoup some of those costs.
Rent Abatements
At Brisbane Markets, BML will not charge Tenants rent and outgoings (in full or in part) while premises were inaccessible, while there is no power supply or while BML undertakes flood damage repair works to tenancies which prevented Tenants occupying their premises.
BML will proportionately reduce the rent and outgoings for the period during which Tenant operations are partially impeded by, for example, dock levellers being out of commission, or while only partial power supply is reinstated.
BML is awaiting feedback from our insurers in relation to rent abatement applicable to Tenants. This process is likely to take longer than originally anticipated, due to the number of claims that our insurers are assessing.
Disaster Assistance Grants
The Queensland Government has released an Extraordinary Disaster Assistance Recovery Grants program for small businesses that have been affected by the recent flood event that impacted the Brisbane Markets, and other areas of Queensland. All Tenants of the Brisbane Markets that were impacted by the flood may apply if they meet the eligibility criteria.
The grants process is managed by the Queensland Rural and Industry Development Authority (QRIDA), with a maximum grant of $50,000 is available through the Disaster Recovery Grants program. An initial amount of up to $15,000 is available subject to completion of an application and providing evidence of the damage supported by photographs, quotes, invoices and receipts. A subsequent amount of $35,000 is available and full evidence of the entire claim must be provided.
To be eligible for the grant, you must have an ABN and employ fewer than 20 full time equivalent employees as detailed in the attached guidelines. You should check the full requirements in the Grants Guidelines for Small Business.
What costs can be included?
The grants may be used to help to pay for costs of clean-up and reinstatement of the business, as well as:
- safety inspections by tradespersons;
- purchase or hire of cleaning equipment;
- cleaning costs paid to a third party;
- costs of disposal of debris;
- cost of repairs to fittings in the building where they are essential to resuming operation;
- purchase, hire or leasing of equipment essential for resuming operation;
- stock replacement if it is essential for resuming operations; and
- leasing costs for temporary premises.
If you have insurance, you may still be eligible for the grant for any uninsured losses.
Further Information
In addition to the grants detailed above, the QRIDA assistance program also provides loans for essential working capital of up to $100,000 and for disaster assistance purposes of up to $250,000. These loans are at low interest rates and for a term of up to 10 years.
Any questions that you may have should be directed to the QRIDA team on 1800 623946 or by email to contact_us@qrida.qld.gov.au. All information relevant to the grants, and the application form is available by clicking here. For information about the disaster assistance loans please click here. For information about the loans for essential working capital, click here.
There is also a range of Federal support options available for individuals, employees, primary producers and sole traders impacted by the flood events. Click here for more information.
For further information about rent abatement at Brisbane Markets, please contact the BML’s Property Department on (07) 3915 4323.
The above information is general in nature and the specific losses relating to your business should be confirmed by reference to the Grants Guidelines for Small Businesses, or by contacting QRIDA.
