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This new phase, announced 11 March 2021, will extend the length and size of loans available to businesses, increase the amount of eligible businesses, and increase the Government’s guarantee of each loan from 50% to 80%.
The initial phase of the Scheme was available for new loans issued by eligible lenders until 30 September 2020.
The second phase of the Scheme started on 1 October 2020 and will be available until 30 June 2021.
The third phase of the Scheme will begin 1 April 2021 and be available until December 2021.
Full details at treasury.gov.au
Participating banks are also offering loans, including overdrafts, at very low interest rates, to help bridge cash flow gaps. The SME Loan Guarantee Scheme continues until 30 June 2021.
The Federal Government has also introduced a JobKeeper program. Under the scheme, businesses and not-for-profits significantly impacted will be able to access a wage subsidy from the Government to continue paying their employees. This assistance will help businesses to keep people in their jobs and re-start when the crisis is over. For employees, this means they can keep their job and earn an income.