30th August 2021
The Federal Government is providing additional support to small and medium sized businesses (SMEs) who continue to deal with the economic impacts of the COVID-19 crisis by expanding eligibility for the SME Recovery Loan Scheme.
Federal Member for Forrest Nola Marino MP is urging businesses in the South West to check the updated eligibility.
Due to the continued economic impacts of COVID-19, the Government will remove requirements for SMEs to have received JobKeeper during the March quarter of 2021 or to have been a flood affected business in order to be eligible under the SME Recovery Loan Scheme.
Key features of the SME Recovery Loan Scheme include:
• The Government guarantee will be 80 per cent of the loan amount.
• Lenders can offer borrowers a repayment holiday of up to 24 months.
• Loans can be used for a broad range of business purposes, including to support investment.
• Loans may be used to refinance any pre-existing debt of an eligible borrower, including those from the SME Guarantee Scheme.
• Loans can be either unsecured or secured (excluding residential property).
The loans will be available through participating lenders until 31 December 2021.
Further information can be found at https://treasury.gov.au/coronavirus/sme-recovery-loan-scheme