UPDATE AS AT 1/11/2020: As part of the Queensland Governments response to COVID-19, a $1 billion loan scheme was delivered by the Queensland Rural and Industry Development Authority (QRIDA) between March and September 2020. Now closed, the scheme has assisted 7,000 Queensland businesses and supported 86,000 local jobs.
Applications are now open to receive the Queensland Government’s $500 million COVID-19 Jobs support loans. These loans are designed to assist Queensland businesses and non-profit organisations financially affected by the COVID-19 crisis. They will allow you to retain employees and maintain operations.
These loans may be used to help meet your businesses working capital expenses, such as paying employee wages, sundry creditors, rent and rates and other eligible carry-on expenses. Eligible business types include sole traders, partnerships, private and public companies, and trusts.
The loan features
- $500 million loan scheme
- Maximum loan up to $250,000
- No repayments or interest charged during the first year
- Plus two years interest only
- 2.5% fixed interest rate
- 10-year term of loan
- Applications open until September 2020 or when funding is fully committed
You should talk to your accountant to make sure this is the correct move to make. They will be able to advise you on other options you could take if there are any.
If you are going to apply for the loan you should get the following documents ready to make applying easier:
- 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.
If you need any further assistance regarding this loan or other COVID-19 related Government Stimulus talk to Link Advisors today.
Find out more about this loan and apply here: http://www.qrida.qld.gov.au/current-programs/covid-19-business-support/queensland-covid19-jobs-support-scheme