fbpx
Skip to main content
Get step-by-step help: Financial Assistance Hub

Second stimulus package will help support small business

22 March 2020

Today’s announcement by the Federal Government of a second stimulus package, which includes an SME Guarantee Scheme and direct cash grants, will help keep businesses open and save jobs, building on the measures already announced by banks on Friday.  


The SME Guarantee Scheme which allows for further funds to be injected into small business will complement the announcement of a six month deferment of all loan repayments attached to a small business financially affected by COVID-19.

In addition to this the grants outlined by the Government to small businesses will also be key in helping small businesses retain staff.  

CEO of the Australian Banking Association Anna Bligh said that the SME Guarantee Scheme, when combined with measures announced by banks last week, would provide a strong support to small businesses affected by the COVID-19 pandemic.  

“This is a time for close co-operation between Government and our banking sector and the industry will continue to play their part to build the economic bridge to recovery”

ABA CEO Anna Bligh

“It’s important that small businesses across the country are given a lifeline to get them through the difficulty wrought on the economy by the COVID-19 pandemic. 

“Banks stand ready to help their business customers get through this, whether it’s deferring their loan payments or providing more working capital. 

“Today’s announcement of a second stimulus package, which includes an SME Guarantee scheme, will mean access to funds to see small businesses through this downturn. 

“Building on the measures announced by banks last Friday of a six month loan deferment on existing loans, this whole package means businesses are given a strong foundation of support to help keep them open and keep people in jobs through the difficult times ahead,” she said.  

ENDS
Contact: Rory Grant 0475 741 007 

Latest news

1 / 3
Media Releases
ABA welcomes APRA’s Climate Information Paper
30 November 2022

The CVA released today will inform future industry efforts in using scenario analysis as a tool for understanding climate change related financial risks.

Read more
Transcript
Transcript: Anna Bligh on ABC NewsRadio – maternity leave lending
28 November 2022

“A number of our banks actually have maternity leave lending products that are specific to people on parental leave, paid and unpaid, to help them through, what as I said, can be a difficult time.”

Read more
Media Releases
Number of SMEs growing, despite economic challenges, ABA report
24 November 2022

The number of micro businesses grew 10% to 1.55 million in the year to June 2022. During the same period, the number of small businesses grew 3% to 955,861 after an extraordinary period of growth during the 2021 financial year, jumping 15% to 931,791.

Read more