In some good news for small business, the Australian Banking Association (ABA) has announced a relief package for businesses affected by COVID-19.
Australian banks will defer loan repayments for small businesses for six months, in a bid to “keep people in jobs”.
ABA CEO Anna Bligh said the small business assistance package will apply to more than $100 billion of existing small business loans and has the potential to put $8 billion back into the pockets of small businesses.
“Small businesses are the most vulnerable part of the economy and present the most pressing need for assistance,” she said.
“This is a multi-billion-dollar lifeline for small businesses when they need it most, to help keep the doors open and keep people in jobs.
“Banks are putting in place a fast track approval process to ensure customers receive support as soon as possible.”
Banks have begun reaching out to customers to offer assistance and the packages are expected to start rolling out in full on Monday.
Any small business who has not already been contacted should contact their bank to apply.
“Small businesses employ five million Australians and this package is designed to help them keep doing just that,” said Bligh.
“Small businesses can rest assured that if they need help, they will get it.”
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