Mar 20, 2020 / News

Business Consulting / COVID-19

Banks Announce Small Business Relief Package

Following the RBA's announcement to cut the cash rate to a record 0.25%, and the subsequent announcement to set up a $90 billion term funding facility for banks to use to support SME clients, the Australian Banking Association has today announced it will defer loan repayments for six months for those SME's affected by Coronavirus.

The finer detail:

  • The package could mean as much as $8billion worth of loan repayments will be deferred for the six month period.
  • Banks have set up a fast track approval process and have already started reaching out to their customers to communicate the offer. If you have not heard from your bank you are encouraged to reach out to your account manager.
  • The package is currently subject to authorisation by the ACCC.

If your business has been adversely affected by the coronavirus, please contact your Nexia Edwards Marshall Advisor to discover how we can help you.

The material contained in this publication is for general information purposes only and does not constitute professional advice or recommendation from Nexia Edwards Marshall. Regarding any situation or circumstance, specific professional advice should be sought on any particular matter by contacting your Nexia Edwards Marshall Adviser.