The March program prepared for up to $40 billion in loans to be given out however only $1.5 billion in loans were so far guaranteed, allowing the government to expand the current cap of $250,000 per business to $1 million.
The time frame over which loans could be paid was also set to be extended from three years to five years. The move comes as the Treasurer was expected to provide a budget update on Thursday where he would reveal the future of the JobKeeper scheme. Image: Getty
push people into loans . . . how noble
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Small businesses 'the backbone of our economy' | Sky News AustraliaTreasurer Josh Frydenberg has hailed the Morrison government’s expansion of the loan guarantee scheme as “great news for 3.5 million small businesses across the nation” as the economy continues to take a hit from the coronavirus crisis. \n\nThe government was set to announce on Monday an extension to the $40 billion scheme would see the current cap on business loans increased from $250,000 per borrower to $1 million. \n\nMr Frydenberg told Sky News the announcement “reflects the fact small businesses are the backbone of our economy, they’re going to be a key part in our recovery”. \n\n“It was confined to working capital, we’re now expanding the use for which the money can be put.” \n\nThe Treasurer said 15,500 businesses had benefited from the scheme since it was rolled out in March. \n\n“So it is playing an important role in keeping the flow of credit going to the economy,” he said. \n\nImage: Getty JoshFrydenberg JoshFrydenberg Well nobody else is hailing it so why not ! JoshFrydenberg 🤷🏻♂️
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Small businesses 'the backbone of our economy' | Sky News AustraliaTreasurer Josh Frydenberg has hailed the Morrison government’s expansion of the loan guarantee scheme as “great news for 3.5 million small businesses across the nation” as the economy continues to take a hit from the coronavirus crisis. \n\nThe government was set to announce on Monday an extension to the $40 billion scheme would see the current cap on business loans increased from $250,000 per borrower to $1 million. \n\nMr Frydenberg told Sky News the announcement “reflects the fact small businesses are the backbone of our economy, they’re going to be a key part in our recovery”. \n\n“It was confined to working capital, we’re now expanding the use for which the money can be put.” \n\nThe Treasurer said 15,500 businesses had benefited from the scheme since it was rolled out in March. \n\n“So it is playing an important role in keeping the flow of credit going to the economy,” he said. \n\nImage: Getty JoshFrydenberg JoshFrydenberg Well nobody else is hailing it so why not ! JoshFrydenberg 🤷🏻♂️
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Company loan scheme expanded in JobKeeper overhaulThe government is under pressure from unions, social service groups, Labor and the Greens to keep JobKeeper payments of $1500 a fortnight flowing to as many people as possible when the scheme is adjusted within days. PS; Carers and Disability Support Pensioners which used to be the highest paid benefits, acknowledging their inability to earn more money. They are now the big loosers with no changes and the lowest paid amidst a increasingly more costly society. The only group that missed out Keep Job Seeker at current rates to stimulate economy and keep 500,000 out of poverty. Just what to doctor ordered....more debt for future Australian's and their businesses. You would be mad to take on further debt, knowing your business might not be running at full capacity for 6-12 months.
Source: theage - 🏆 8. / 77 Read more »