CTRS extended to 15 March 2022

January 15, 2022

Uncategorized

In breaking news, the CTRS will be extended to 15 March 2022.

In a press release today, the Minister for Small Business stated that:

The extended scheme will be available to businesses with an annual turnover of $10 million or less and which have suffered a decline in turnover of at least 30 per cent due to COVID-19.

Landlords will be required to provide continued proportional rent relief in line with a reduction in turnover.

The eviction moratorium will continue. Landlords will not be able to lock out or evict tenants without undertaking mediation through the VSBC.

The new regulations will take effect from 16 January 2022. Tenants and landlords should abide by the conditions in their existing agreement. Small and family businesses that already have a deferment will have more time for repayments as a result of this extension.

Eligible commercial landlords that have provided rent relief to their tenants have received support through the $20 million Commercial Landlord Hardship Fund. They will continue to do so while their tenants are eligible for the scheme.

The full text of the Minister’s press release is available here: https://www.premier.vic.gov.au/commercial-tenancy-support-extended

More information is available at the VSBC website here: https://www.vsbc.vic.gov.au/news-publication/victorian-government-announcement-commercial-tenancy-relief-scheme-to-be-extended/. That site also notes that:

The ban on rent increases … will continue …

I will post a copy of the new regulations and any amendments to the empowering statute as soon as they are available.

About Sam Hopper

Sam is a property and insolvency barrister.

View all posts by Sam Hopper

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