The State Government and major Australian banks have offered the following support to businesses in light of the challenges caused by COVID-19.
State Government
The Queensland Government has announced the Immediate Industry Recovery Package to assist business and industry to implement resilience and recovery strategies to mitigate impacts of COVID-19. This package currently includes support for businesses such as:
- payroll tax support
- targeted support for hardest hit industries (tourism, hospitality, fisheries and exporters)
- a $500 million loan facility to support businesses to retain employees and maintain operations.
This information, as well as potential further support measures, will be updated regularly by the Queensland Government so I encourage you to monitor it:
https://www.qld.gov.au/about/industry-recovery/business-and-industry-support
National Australia Bank
Businesses requiring additional support may be eligible for extra relief in the form of:
- Deferred business loan repayments for up to 3 months
- Extension of business loan terms by a period of up to 3 months
- Support with the restructuring of existing business loans (including equipment finance)
- Deferral of business credit card repayments
For more information, please access the official website below and contact your bank directly.
https://www.nab.com.au/personal/customer-support/covid19-help
Westpac
Businesses requiring additional support may be eligible for extra relief in the form of:
- Fee free redraws
- Deferral of business loan repayments of up to 3 months
- Extension of business loan terms by a period of up to 3 months
- Ability to access term deposit funds without a reduction in interest rates
- Support with the restructuring and consolidating of existing business loans
- Deferral of business credit card repayments
- Access to Business Financial Counselling
For more information, please access the official website below and contact your bank directly.
https://www.westpac.com.au/help/disaster-relief/coronavirus/
ANZ
Businesses requiring additional support may be eligible for extra relief in the form of:
- A reduction in variable interest rates by 0.25% across a range of business loans
- Ability to access term deposit funds without break fees
- Access to additional credit
- Additional support through their Financial Hardship function
For more information, please access the official website below and contact your bank directly.
https://www.anz.co.nz/comms/latest-updates/
Commonwealth Bank
Businesses requiring additional support may be eligible for extra relief in the form of:
- Deferral of repayments on business loans and overdraft facilitates for up to 90 days
- Fee waivers and repayment deferral for various products
- Waiving of merchant terminal fees for customers using CommBank payment terminals, for up to 90 days
- Support with the restructuring of existing business loans
- Deferral of repayments on vehicle and equipment business finance loans
- Extension of business loan terms by a period of up to 3 months
- Ability to access term deposit funds without incurring redraw fees
- Waving establishment fees and excess interest on Temporary Excess products
For more information, please access the official website below and contact your bank directly.
https://www.commbank.com.au/latest/coronavirus.html
Suncorp
Businesses requiring additional support may be eligible for extra relief in the form of:
- Deferral of repayments on business loans (including interest only loans)
- Support with the restructuring of existing business loans, with the wavier of establishment fees
- No interest rate increases
- Assistance with working capital
- Ability to access term deposit funds without incurring early withdrawal fees
For more information, please access the official website below and contact your bank directly.
https://www.suncorpgroup.com.au/news/news/suncorp-bank-coronavirus-assistance
Please feel free to call us if you are being impacted by COVID-19 so we can assist you in these challenging times.