Australian banks are deferring loan repayments for small businesses affected by COVID-19 for six months.
The banks have worked with the Treasurer and the Government to develop this small business relief package that will apply to more than $100bn of existing small business loans.
This should provide some welcome respite for us all.
If you wish to access this relief package, the Australian Banking Association is recommending that you contact your bank to apply. Here is a list of the contact details for every bank's financial hardship team, they will be able to help you to apply. Otherwise, your financial advisor should be able to assist.