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The QLD Government yesterday announced a new $500 million loan facility, interest free for the first 12 months, to support QLD businesses impacted by the coronavirus to retain employees and maintain their operations.

This concessional facility will comprise of low interest loans of up to $250,000 for carry on finance with an initial 12-month interest free period for businesses to retain staff.

The Queensland Rural and Industry Development Authority (QRIDA) is responsible for the administration of these concessional loans and is currently taking expressions of interest in the lead up to rolling out these loans as soon as possible.

For a client to register their interest – please follow this link: http://www.qrida.qld.gov.au/current-programs/covid-19-business-support/queensland-covid19-jobs-support-scheme

More information to come via the QRIDA website.

QRIDA website: http://www.qrida.qld.gov.au/

QLD Government announcement: http://statements.qld.gov.au/Statement/2020/3/17/palaszczuk-government-offers-500m-in-loans-to-support-workers-in-businesses-affected-by-coronavirus

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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