Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months, starting Monday.

Australian Banking Association CEO Anna Bligh announced on Friday a small-business relief package from Australia’s banks, which will see loan repayments for small businesses affected by the coronavirus deferred by six months. 

“This assistance package will apply to more than $100 billion of existing small-business loans and, depending on customer take-up, could put as much as $8 billion back into the pockets of small businesses as they battle through these difficult times,” Ms Bligh said.

“This is a multibillion-dollar lifeline for small businesses when they need it most, to help keep the doors open and keep people in jobs.”

She revealed that banks are putting in place a fast-tracked approval process to ensure customers receive support as soon as possible.

More to follow.

Rick Maggi