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Queensland Government Job Support Loan

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UPDATE 2nd April 2020

QUEENSLAND GOVERNMENT JOB SUPPORT LOANS

The Queensland Government’s is now accepting applications for their Jobs Support Loan scheme. This scheme is for Queensland businesses and non-profit organisations financially affected by COVID-19 to retain employees and maintain their operations.

Low interest loans of up to $250,000 are available to assist with carry-on expenses such as employee wages, rent and rates and other related expenditure. Eligible business types include sole traders, partnerships, private and public companies and Trusts.

The Loan features are:

  • Maximum loan up to $250,000
  • No repayments or interest charged for the first year
  • Then two years interest only repayments
  • 5% fixed interest rate
  • 10-year term of loan
  • Open until 25 September 2020 or until funding is fully committed.

To apply online you will need to have the following information ready:

  • Business Financial Statements for 2017-18 and 2018-19
  • Including Profit and Loss Statement, Balance Sheet and depreciation schedules
  • Personal Taxation Returns for 2017-18 and 2018-19
  • Bank Account balances for all business accounts, loans and credit accounts
  • Australian Tax Office (ATO) Integrated Client Account Statement for previous 12 months
  • Aged list of debtors and creditors at time of application
  • Applicant Identification; Australian Driver’s Licence, Australian or international Passport, Medicare Card.
  • Organisation Constitution or Rules of Association and Certificate of Incorporation (if applying as a non-profit organisation)
  • Trust Deed (if applying as a trust).

In essence, the application process is very similar to any bank business loan application – ONEROUS

If you are thinking of applying, we suggest you do it soon as the $500 millions allocated by the government will run out quite fast.

Of course, MyAccountants can assist with your application and provide the necessary financial documents required by the QRIDA checklist.