Bank chief executives have backed the government's revamp of a scheme to provide up to $40 billion in taxpayer-backed loans to help the recovery of small and medium-sized firms.
Commonwealth Bank chief Matt Comyn, who last week said support for small business would loom large in the government's thinking, said the expanded scheme would give businesses a deeper pool of financial support.
In addition to Sunday's support for SME lending, banks expect the government will throw more support at the hard-hit small business sector, amid fresh warnings some firms will not be able to re-open following Victoria's second lockdown. "I have no doubt that going forward there will have to be some level of support at the federal level and the state level," she said in an interview.
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Company loan scheme expanded in JobKeeper overhaulSmall employers will be given greater access to a $40 billion loan scheme to help them through the recession.
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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.
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Small business thrown a lifeline as govt expands loan guarantee scheme | Sky News AustraliaSmall businesses are set to receive another lifeline amid the coronavirus crisis as the Morrison government moves to expand its loan guarantee scheme. \n\nThe 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. \n\nThe time frame over which loans could be paid was also set to be extended from three years to five years. \n\nThe move comes as the Treasurer was expected to provide a budget update on Thursday where he would reveal the future of the JobKeeper scheme. \n\nImage: Getty push people into loans . . . how noble
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