The package is funded through the state and federal governments and aims to support Victorian licensed venues and small businesses and provide rent relief for commercial tenants and landlords.

Treasurer Tim Pallas said the package would support Victorian businesses each step of the way as the state came out of lockdown.

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"We know small businesses have been doing it tough and this new fund will give them the support they need to recover," he said.

Prime Minister Scott Morrison said Victorian businesses had borne the brunt of the heavy cost of lockdowns.

"Together we can and we will recover from this," he said.

"We've done it before, and we'll do it again.

"Last year, Victoria and our nation faced heavy blows from COVID, but with the right supports in place our economy and businesses came back strongly and a million people returned to work."

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Five key elements make up the support package to help businesses deal with ongoing public health restrictions.

They include an $85 million small business COVID hardship fund and a $156 million business continuity fund.

There is also $70 million through a licensed hospitality venue fund, $9.8 million in alpine business support, and a commercial tenancy relief scheme and landlord hardship fund.

More to come

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