In the past few days Australian Banks have communicated their intention to provide a wide-ranging support package aimed at business operators. The measures are very consistent across the banks and we understand this has been a unison approach across the sector.
The measures appear to be targeting assistance packages for the next 3 months however we expect if the impact of COVID– 19 stretches beyond this timeframe further measures will be announced.
We have collated a summary of the options available to clients and we would urge you to consider whether you need to make arrangements to avail of these offers. We would expect banks will become busy processing requests and timeframes may begin to stretch.
If your business needs cashflow relief, please contact the firm to discuss your situation and whether you would like assistance from your WMS Advisor and our Finance Team in negotiating with the banks.
We will continue to update our Corona Virus web page with the latest articles on government and bank assistance.
Banks are expected to make further announcements over the coming days and we will keep you up-to-date as the situation progresses.
Below you will find further information directly from various institutions which you may find helpful at this time:
Latest Updates – https://www.commbank.com.au/latest/coronavirus.html
Customer Support – https://www.commbank.com.au/guidance/newsroom/cba-increases-customer-support-202003.html
Suncorp announces relief assistance package
Suncorp has introduced a relief assistance package in recognition of the impact the Coronavirus is having on individuals, communities and businesses. Effective immediately, the package includes:
• an opportunity to defer scheduled loan repayments (including interest only) on a case-by-case basis
• rearranging existing loans (for example, principal and interest to interest only) with the waiver of establishment fee
• waiving early withdrawal fees for customers wishing to withdraw from term deposits and/or Farm Management Deposits
• working capital assistance, and
• no interest rate increases.
DISCLAIMER: This article is intended to provide a general summary only and should not be relied on as a substitute for professional advice.
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