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.