Federal Government Announce support for Small Business hurt by bushfires.
Loans up to $500,000 will be offered for businesses that have suffered significant asset loss or significant loss of revenue.
The loan is paid back over 10 years with a repayment holiday of up to two years, with no interest accruing during this period. The subsequent interest rate would be set at 50 per cent of the ten-year Commonwealth government bond rate – currently around 0.6 per cent.
Building on the disaster recovery grants put in place by state governments, the federal government will provide top-up grants to eligible small businesses and non-profit organisations.
This program is uncapped with access of up to $50,000 in tax-free, grant funding.
More info can be found – here
Senator Cash announcing the support measures on ABC Breakfast – here
Announcement welcomed by the Council of Small Business. – here