Small Business Relief Package
The Small Business Relief Package is now available to customers. This package includes business loan relief for up to six months.
We also continue to offer our normal financial assistance package to business customers on a case-by-case basis. This includes:
- For Home and Business Loans, deferred principal and interest repayments for six months^ or term extensions
- Fees waived to restructure or consolidate loans
- Other fees waived or deferred
- No interest rate reduction for early withdrawals on term deposits
Contact your dedicated Relationship Manager, or call 1300 660 550 for details and to check eligibility.
Already deferred your repayments for six months?
You may be eligible for an additional four months relief. We’ll contact you to discuss your circumstances near the end of your six-month repayment relief period.
Federal Government Assistance:
Business Stimulus Package
The Federal Government is helping with a stimulus package for businesses. Please visit the Australian Government’s Treasury website to find out the latest information or speak with your accountant to find out if you qualify.
On 21 July, the Government announced it would extend the JobKeeper Payment until 28 March 2021 to support businesses and not-for-profits that continue to be significantly impacted by COVID-19.
From 28 September 2020 the JobKeeper payment will be stepped down and paid at two rates.
From 28 September 2020 to 3 January 2021, a payment of $1,200 per employee will be available. From 4 January 2021 to 28 March 2021, the payment will change to $1,000 per employee.
More information, including eligibility criteria, can be found on the Australian Government's Treasury website.
Some business customers may also be eligible for credit, for example, an extension to their overdraft, which can offer cash flow to pay staff, while they wait for the JobKeeper program to make the first payments. Each customer will be assessed on a case-by-case basis to determine the assistance that may be appropriate to their circumstances.
Contact your dedicated Relationship Manager, or call 1300 660 550 to discuss.
Loan repayments & tax liabilities
Managing cash flow during this pandemic is critical.
The ATO is also helping by allowing businesses to request deferrals on tax or BAS payments.
If you’re experiencing or anticipating cash flow issues, act now. Contact your dedicated Relationship Manager.
SME Guarantee Scheme
The Government has extended its Coronavirus SME Guarantee Scheme to support small and medium enterprises (SMEs).
For further details on the scheme visit the Australian Government's Treasury website.
In response, we developed the Business Support Loan, however, this product is no longer available as of 30 September 2020. Please contact us via our online form to discuss other financial assistance options available for your business.
^From 30 March any business customer with facilities up to $10 million can defer principal and interest repayments for six months. Please note if customers choose to defer repayments, interest will be capitalised, meaning interest and fees will be added to your loan balance with either the term of the loan extended, or payments increased after the deferral period.
To qualify, customers must confirm their business has been negatively impacted by COVID-19 and be no more than 90 days in arrears at the date of the application. The package is also available to commercial property landlords who have provided assurance to the bank they will not take any action against their tenants for the repayment relief period.
For business customers with facilities above $10 million, relief will continue to be considered on a case-by-case basis.
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