Relief for Small Business Owners as Banks Defer Loan Repayments

A Small Business Relief Package has been announced from Australia’s banks, to assist owners affected by COVID-19.

Details of the package include:

• Small business loans to be deferred for up to six months;
• Assistance package will apply to more than $100bn of existing small business loans;
• Depending on customer take up, could put as much as $8 billion back into the pockets of small businesses;
• A fast track approval process is underway to ensure customers receive support as soon as possible.

Any small business owner who hasn’t already been contacted can call their bank directly to apply or speak to their trusted Advisor for assistance.

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