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.
