Debts written off, companies wound up: The downside of Qld’s COVID loans

  • 📰 brisbanetimes
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 67%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

The Palaszczuk government is standing by its $1 billion COVID-19 Jobs Support Loan scheme, even after the Auditor-General warned it was too generous.

The Queensland government has started taking legal action to wind up companies unable to pay back loans intended to help them endure the pandemic.

A government spokesman said just over one per cent of loan recipients had entered into arrears since the end of the interest-only period.“Other recipients are ahead in their loan repayment schedule, while many others continue to make the relevant repayments on time.”But on the most recent assessment, $22,828,000 was deemed credit impaired, and another $26,724,000 high, very high or severe risk of impairment.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
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:

 /  🏆 13. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines