QLD Government establishes $500m loan facility to support businesses

A $500 million loan facility has been established by the Palaszczuk Government designed to support businesses in Queensland and keep staff in jobs.

The loan facility will comprise loans of up to $250,000 with an initial 12-month interest free period for businesses to retain staff.

The QLD government will also extend the coronavirus payroll tax deferral to all businesses across the state. To date, almost 300 small and medium businesses have taken up the payroll tax deferral.

"As the Prime Minister has pointed out, it's small businesses that are hurting the most, and its them we moved to help first with our initial payroll tax deferral earlier this month," says deputy premier and treasurer Jackie Trad (pictured).

"But we are seeing this outbreak is having a devastating impact on all Queensland companies, large and small, so now we will extend the offer of a six-month payroll tax deferral to all affected businesses across the state."

"We know the deferral for small businesses was popular in the first fortnight we've already seen companies from the Gold Coast to Far North Queensland in sectors from tourism and hospitality to marine engineering take up the offer."

Updated 9:35am AEDT on 17 March 2020.


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