Small Business Relief Package

Australian banks to defer loan payments for small business.

The ABA has announced that Australian Banks will defer principal and interest rate repayments for small businesses impacted by the Coronavirus pandemic. The Small Business Relief Package will provide a 6 month repayment holiday for struggling small businesses.

In response to the significant financial hardship endured by much of Australia’s small businesses the Australian Banking Association has announced the implementation of the Small Business Relief Package. The package will allow for the deferral of principal and interest repayments for loans to small businesses, in all sectors, impacted by the Coronavirus pandemic.

“This Assistance Package will apply to more than $100bn of existing small business loans and depending on customer take up, could put as much as $8 billion back into the pockets of small businesses as they battle through these difficult times,” Anna Bligh – ABA CEO.

The relief package was developed following conversations APRA and ASIC and has been given interim approval by the ACCC.

More information will be provided as it becomes available.

Links to Government Resources

FAQs

The ABA has stated that Australian banks will defer all principal and interest repayments for small businesses impacted by Coronavirus for 6 months.

The ABA has confirmed small businesses impacted by Coronavirus will receive a 6 month deferral of all principal and interest repayments.

Small Business Relief Package - Frequently Asked Questions(FAQ)

What if I can't repay my business loans during the Coronavirus pandemic?

The ABA has stated that Australian banks will defer all principal and interest repayments for small businesses impacted by Coronavirus for 6 months.

How long will banks defer my loan repayments during the Coronavirus pandemic?

The ABA has confirmed small businesses impacted by Coronavirus will receive a 6 month deferral of all principal and interest repayments.

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