The Australian Banking Association (ABA) has announced a lifeline for the small business sector.
ABA CEO Anna Bligh confirmed Australian banks will defer loan repayments for six months for small businesses affected by COVID-19.
“This assistance package will apply to more than $100 billion of existing small business loans, it could put as much as $8 billion back into the pockets of small businesses as they struggle through this virus,” said Bligh at a press conference this morning.
“It is a multi-billion-dollar lifeline to small businesses when they need it most to keep the doors open and keep employing Australians.”
Australian banks are currently fast-tracking processes and the packages could roll out as early as Monday.
More to come.
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