Queensland COVID-19 Jobs Support Loans
Due to overwhelming demand, the Queensland Government’s $500 million COVID-19 Jobs Support Loan scheme has now closed to new applications. QRIDA is continuing to process the large number of applications submitted as quickly as possible until scheme funding is exhausted. A wide range of other government assistance remains available for Queensland businesses impacted by COVID-19, please visit www.business.qld.gov.au for more information.
As you may have already heard from our many broadcasts over the last couple of weeks, applications are now open for the Queensland Government’s $500 million COVID-19 Jobs Support Loan scheme.
We believe that this is a great initiative from the Queensland Government that will assist Queensland businesses financially affected by COVID-19 to retain employees and maintain their operations.
Low interest loans of up to $250,000 are available to assist with carry-on expenses such as employee wages, rent and rates and other related expenditure. Eligible business types include sole traders, partnerships, private and public companies and Trusts.
All COVID-19 Jobs Support Loans will be provided for a term of 10 years, with no repayments or interest charged for the first year, followed by two years of interest only payments. Principal and interest repayments will commence from the third year for the remainder of the loan term.
Loan features
Maximum loan up to $250,000
No repayments or interest charged for the first year
Plus two years interest only
2.5% fixed interest rate
10-year term of loan
Open until 25 September 2020 or until funding is fully committed
The loan amount is calculated based upon 50% of your annual wages expenses to the maximum of $250,000. Even if you don’t pay wages, you may still be eligible as long as you can prove you work a minimum hours in your business and take drawings of profit
Although the scheme is an excellent opportunity for our clients to bridge the gap until the time when your business can be fully operational, the application is quite complex and a great deal of information is required. We stress that as this is a legal document, you must ensure you submit as accurate as possible and further ensure that your information is consistent with that you share with other Government agencies.
We believe that this facility, capped at $500 million, will be oversubscribed so getting it right and submitting your application early is very important. To assist our clients who are interested in the loan, to have the best chance of being successful, we are offering a service to assist you in lodging this application. We have already prepared an online form to assist you in providing us with the information that we will need to commence and finalise your application.
If you’re interested in this service please complete the enquiry form: https://covidenquire.paperform.co/
Once we’ve received your enquiry you will be sent a proposal with our engagement letter and fees. We understand that in these times of uncertainly you need clarity and prompt action therefore we have provided a fixed fee service at our cost based upon the quantum of your loan requirements and the complexity of your application.
We are already working on many applications, so if you would like some assistance we would appreciate if you can contact our office as soon as possible as we will work on these on a first in first served basis.
We are at your disposal during these unprecedented times, please stay safe, vigilant and proactive so when we recover you will be in the best possible shape to move forward positively into the future.