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COVID-19 assistance package for businesses and mortgage holders

Further Government support has been announced in response to the COVID-19 crisis. These new initiatives should address the gap for those businesses not eligible for the wage subsidy.

Details will be confirmed in the next few days, and we will update our information then. 

What is known to date is:

Business Loan

  • There will be $6.25 billion available for a Business Finance Guarantee Scheme.
  • There is a limit of $500,000 per loan.
  • The loan will apply to firms with a turnover of between $250,000 and $80 million per annum.
  • Loans will be for a maximum of three years and expected to be provided at competitive, transparent rates.
  • The Government will carry 80 per cent of the credit risk, with the other 20 per cent to be carried by the banks.

 

Mortgage Holidays

  • Six-month principal and interest payment holiday for mortgage holders who have been affected by COVID-19.
  • SME customers whose incomes have been affected by the economic disruption from COVID-19 will also be eligible for the mortgage holiday.

DISCLAIMER: Our team is dedicated to helping you continue with business as usual, as much as you can. Information on government help is changing constantly and within hours of articles being added, the specifics may be out of date or only partially accurate. While we endeavour to keep this website accurate and current, our top priority is providing our clients with dedicated and relevant personal advice. If you need specific and up-to-date information, please seek help from your usual advisor directly.

No liability is assumed by Baker Tilly Staples Rodway for any losses suffered by any person relying directly or indirectly upon any article within this website. It is recommended that you consult your advisor before acting on this information.

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