The QLD Government has now opened applications for the previously announced COVID-19 Jobs Support Loan Scheme.
Low interest loans of up to $250,000 are available to assist QLD businesses and non-profit organisations with employee wages, and support carry-on expenses such as rent and rates, and other related expenditure.
Whilst there is no minimum loan amount that applies, the maximum loan amount is 50% of your operation's annual wage expense to a maximum of $250,000.
Your annual wage expense is calculated as the average of your employee wage expense including Superannuation for the 2017-18 and 2018-19 Financial Years.
All COVID-19 Job 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.
You may work with a business adviser (such as an accountant) to assist you to compile information to complete your application, however, to apply you need to complete the online application form yourself.
Applications can be made via their portal here: https://applyonline.qrida.qld.gov.au/login
The Scheme is open until 25 September 2020, or until funding is fully committed.
For more information or for details on frequently asked questions - please follow this link: http://www.qrida.qld.gov.au/current-programs/covid-19-business-support/queensland-covid19-jobs-support-scheme
For More Information
For more information or for assistance in compiling your application, please contact the Archer Gowland office on (07) 3002 2699.