As of Monday 23rd March 2020, banks are allowing small-businesses to defer loan repayments for 6 months
This is a great incentive brought in by the Australian Banking Association and one of necessity.
What that means is due to the COVID-19 virus the banks have allowed small businesses to defer any loan repayments for the next 6 months. This relief package is estimated to apply to $100 billion small business loans, but it will look at putting as much as $8 billion back into the economy.
This lifeline will provide small businesses the option of keeping their doors open to customers and keeping their staff in jobs, which is brilliant.
If you are a small business and have loan repayments, you can contact your bank as from Monday 23rd March to discuss the support package.
Small businesses are the backbone of Australia, due to the serious impact the COVID-19 will have on the economy, not only now but in months down the track, this will certainly bring relief to many small businesses in Australia.
Let me know if you have any questions about anything during this time, I am only a phone call away.
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047