5 April 2020
Australia’s banks are ready to support the JobKeeper program to help as many Australian businesses and their employees as possible access the benefits while they wait for the scheme to make the first payments.
Businesses may be able to use the upcoming JobKeeper program payment as a basis to seek credit in order to pay their employees until the scheme is making its first payments.
Australian Banking Association CEO Anna Bligh said banks are working hard to make the JobKeeper scheme a success and ensure millions of Australians remain in jobs.
“As many businesses face a number of weeks of little or no cashflow before they receive payments under the Government’s JobKeeper program, Australian banks may be able to help. “
ABA CEO Anna Bligh
“Banks stand shoulder to shoulder with the Australian Government and businesses across the country to help us emerge on the other side of this crisis strong and ready to rebuild,” Ms Bligh said.
“As many businesses face a number of weeks of little or no cashflow before they receive payments under the Government’s JobKeeper program, Australian banks may be able to help.
“Many businesses may be eligible for credit, for example, an extension to their overdraft, which can offer them cashflow to pay their staff, while they wait for the JobKeeper program to make the first payments. Each business will be assessed on a case by case basis to determine the assistance that may be appropriate to their circumstances.
“Businesses affected by the COVID-19 crisis should contact their bank to access these initiatives and discuss what support is available to them including options to defer loan repayments for up to six months.” she said.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
Major banks and major retailers have reached an agreement with Armaguard to extend their financial contribution for a further six months. This will see Armaguard receive an extension of $25.5 million from July to December. This is in addition to the approximately $50 million already provided over the last twelve months to support cash distribution across… Read more »
The Australian Banking Association (ABA) has released an updated industry guideline setting out best practice for banks when assisting customers experiencing financial difficulty. The updated guideline reflects the industry’s ongoing commitment to support customers when they need it most. ABA CEO Anna Bligh said this guideline builds on the existing obligations as well as the… Read more »
ABA CEO Anna Bligh: Well, here we are on the front line of the fight against scams. This is one of Australia’s largest banks, and the team of people here talking with customers, trying to protect customers and fight against scammers. Today, here we are launching a new piece of technology called Confirmation of Payee…. Read more »