Quick Update: Qld Job Support Loans and Rental Moratorium

QLD Government Job Support Loans

Applications are now OPEN for the Queensland Government’s COVID-19 Jobs Support Loan scheme.

The loan scheme offers loans of up to 50% of eligible wage expenses up to a maximum of $250,000 for businesses to help meet working capital expenses such as wages, rent and creditor payments.

The loans will have a 10 year term, with no repayments or interest charged in the first year, and will then be interest only for the next two years.  After this, principal and interest repayments will apply for the remaining term.

Applications are open until 25 September 2020 or until the $500 million funding is fully committed.  We recommend that applications be submitted as soon as possible using the link below:

https://applyonline.qrida.qld.gov.au/login

The following documentation will need to be provided with your application:

  • Business Financial Statements for the 2017-18 and 2018-19 financial years
  • Personal tax returns for associated individuals for the 2017-18 and 2018-19 financial years
  • Australian Taxation Office (ATO) integrated Client Account Reports for the last 12 months
  • Current Aged Debtors & Creditors Listings
  • Bank Account Information
  • Identification documentation

If you require any assistance with your application, please contact your Cooper Reeves advisor.

Commercial Landlords & Tenants

The Prime Minister has announced that States & Territories will be moving to put a moratorium on evictions from commercial tenancies due to the impact of the Coronavirus for a period of 6 months for those who are unable to meet their commitments due to financial distress as a result of the Coronavirus.

Landlords and tenants are being urged to discuss and negotiate rental arrangements that will enable both parties to get through this crisis and further encourage them to liaise with their corresponding banks to come up with mutual agreements.

The Federal Government is working on further assistance that will be announced in the next phase of support packages.  We will provide further information as it comes to hand.