COVID-19 is causing businesses around the world to experience major falls in demand for their products and services. To help your business withstand and recover from the economic impacts of Coronavirus, new measures and other assistance options are now in place to help you.
The Queensland Government has opened applications for the $500 million COVID-19 Jobs Support Loans initiative. These loans are available to assist Queensland businesses and non-profit organisations financially affected by COVID-19 to retain employees and maintain their operations.
Eligible business types include sole traders, partnerships, private and public companies and Trusts. Loans may be used to help meet a business’s working capital expenses such as paying employee wages, sundry creditors, rent and rates and other eligible carry-on expenses.
- $500 million loan scheme
- Maximum loan up to $250,000
- No repayments or interest charged for the first year
- Plus two years interest only
- 2.5 % fixed interest rate
- 10-year term of loan
Open until 25 September 2020 or when funding is fully committed
Get Ready to Apply
To make applying online for this loan easier, it’s helpful to have the following documents ready before you apply.
- Business Financial Statements for 2017-18 and 2018-19
- Personal Taxation Returns for 2017-18 and 2018-19
- Bank Account Information
- Australian Tax Office (ATO) Integrated Client Account Statement
- Aged list of debtors and creditors at time of application
- Applicant Identification Information.
*Please note you have 7 business days to complete and lodge your application once you commence and therefore it is important that you confirm you have all the relevant information at hand, especially the 2019 Financials and Tax Returns.
To apply now click this link.
This scheme is administered by the Queensland Rural and Industry Development Authority on behalf of the Queensland Government.
If you would like to discuss the Queensland Government’s COVID-19 Jobs Support Loan in more detail, please contact us.
Disclaimer: This news post is intended to provide a general summary only; the information is subject to change and should not be relied on as a substitute for professional advice.