COVID-19 Support from the Banks
Where to go for help if you can't meet your loan repayments Our friends over at PT Partners have provided some very useful information regarding banks and how they are working with their customers to provide support through the COVID-19 pandemic. This is on the back of a range of measures announced by the government as part of their Coronavirus Stimulus Package, including: Loan Repayment Relief Banks will defer loan repayments for six months for small businesses who need assistance because of the impacts of the coronavirus. SME Loan Guarantee Scheme The Government will establish the Coronavirus SME Guarantee Scheme which will support small and medium enterprises (SMEs) to get access to working capital to help them get them through the impact of the Coronavirus. Under the Scheme, the Government will guarantee 50 per cent of new loans issued by eligible lenders to SMEs. The Government’s support will enhance lenders’ willingness and ability to provide credit to SMEs with the Scheme able to support $40 billion of lending to SMEs. Low Cost Loans from Smaller Lenders $15 billion in stimulus investment will be made available to enable small banks and non-banks to supply low-cost loans to customers and small business. This will enable customers of smaller lenders to continue to access affordable credit. Strategies for dealing with your bank Personal and business customers should consider making the following requests of their bank: deferring principal reductions; and pausing asset finance repayments immediately; and moving home loans to interest only, or pausing principal and interest repayments; and amending or deferring conversations surrounding covenants / conditions, or having covenants waived altogether. Importantly, the time to act on this is now to preserve flexibility moving forward, remembering that whilst planning for the worst and hoping for the best, the ability to be be able to grow profitably on the other side is something that can be planned for now. Links for the major banks and their COVID-19 support packages are as follows: Macquarie https://www.macquarie.com/au/personal/coronavirus CBA Home Loan https://www.commbank.com.au/latest/support-for-home-loan-customers.html Business https://www.commbank.com.au/latest/coronavirus.html?ei=anch_CTA ANZ Home Loan https://www.anz.com.au/personal/home-loans/your-loan/covid-19/ Business https://www.anz.com.au/promo/covid-19/ Westpac Home Loan https://www.westpac.com.au/help/disaster-relief/coronavirus/?pid=iwg:sc:COVID-19_2003:tile:car_per Business https://www.westpac.com.au/business-banking/small-business-relief/.html NAB Home Loan https://www.nab.com.au/personal/customer-support/covid19-help/home-owners-support Business https://www.nab.com.au/personal/customer-support/covid19-help/business-support Suncorp https://www.suncorp.com.au/banking/covid19-information.html BOQ https://www.boq.com.au/help-and-support/assistance This article was originally published via PT Partners and has been used with permission. Read more
9 Ways To Create a Positive Work Environment For Your Staff
Brandon & Gullo Lawyers is thrilled to have been nominated and selected as a finalist for the QLS Workplace Culture and Health Award. From the beginning, firm founder’s Ashley and Karen, have sort to ensure their workplace culture is one where staff feel valued and supported in both their personal and professional lives – a rare thing to find within the legal profession.
Read more
Wills for Blended Families: How to look after your kids and second spouse
Simply put, a Shareholder Agreement is an agreement between the shareholders of a company. It sets out each shareholder’s rights and obligations.
Read more
Are you currently a shareholder?
Simply put, a Shareholder Agreement is an agreement between the shareholders of a company. It sets out each shareholder’s rights and obligations.
Read more
What happens when a de facto relationship ends?
If you or someone you care about is in a de facto relationship, it is very important to consider how assets, business, property, and estate may or may not be protected.
Read more
Changes to Paper Certificates of Title
Do you currently own land or property in Queensland? There have recently been changes to the rules that surround Certificates of Title by the Land Registry.
Read more
Warranty changes are coming that may affect your business
Do you offer a warranty against defects in relation to goods or services? It is vital that you are aware of the changes under Australian Consumer Law and include particular wording in your warranty to ensure you comply with the changes.
Read more
Protecting Your Superannuation Insurances
With the Government’s changes to superannuation, many Australians only have until the 1st of July to ensure that their current insurances remain active and intact!
Read more
Can I make a claim if I’ve been bullied at work?
Employers in this day and age have a very strong obligation to keep employees safe in the workplace; this means free from not only physical injuries but also psychological injuries as well.
Read more
4 Tips to Maintaining Cash Flow in Your Business
Anyone in business for more than 30 days knows that cash flow is the most vital part in keeping your doors open! As I recently read in a Harvard Business Review article, ‘You can’t pay bills with profits—only cash”.
Read more
