Australian Banking Association CEO Anna Bligh on Monday 30 March, has announced the new relief measures from banks for businesses affected by coronavirus.
Expanding on the small business support package announced last week, where banks would provide six month deferrals for businesses with loan repayments of up to $3 million, this measure has been extended to businesses with loans of up to $10 million.
Now 98% of businesses who have loans in Adelaide will be covered by the new measures.
Commercial landlords with loans of up to $10 million, will also be able to access 6 month repayment relief.
However, the only way they can access this deferral is by the agreement that they cannot terminate any lease or evict any of their tenants who are in arrears due to coronavirus.
Where landlords do the right thing by their tenants, their banks will do the right thing by them,” she says.
For businesses who are above that $10 million, they may be eligible for relief but this will be a case by case basis.
Further announcements by the Government later today will likely cover a wage subsidy of $1,500 per employee per fortnight, while businesses see a decrease in revenue due to the coronavirus.
The new measure will be announced later today, stay tuned.
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