Updated 18 January 2021: As part of the Queensland Governments response to COVID-19, a $1 billion loan scheme was delivered by the Queensland Rural and Industry Development Authority (QRIDA) between March and September 2020. Now closed, the scheme has assisted 7,000 Queensland businesses and supported 86,000 local jobs.
If you now have a COVID-19 Loan with QRIDA you can find important information regarding the ongoing management of your loan on the QRIDA COVID-19 Jobs Support Loan page. A wide range of other government assistance remains available for Queensland businesses impacted by COVID-19, please visit www.business.qld.gov.au for more information.
As part of this package, the Queensland Government $500 million COVID-19 Jobs Support Loans scheme is being provided to assist Queensland businesses and non-profit organisations financially impacted by COVID-19 retain employees and maintain their operations.
This assistance measure is being delivered by the Queensland Rural and Industry Development Authority (QRIDA).
Low-interest loans of up to $250,000 are being made available to assist with carry-on expenses such as employee wages, rent, rates and other related expenditure.
All COVID-19 Jobs Support Loans will be provided for a term of 10 years, with no repayments or interest charged for the first year, followed by two years of interest-only payments. Principal and interest repayments will commence at the end of the third year for the remainder of the loan term.
Applications are open until 25 September 2020, or until funding is fully committed.
Eligibility
To be eligible for a concessional loan, applicants must:
- Be an eligible business which holds an ABN and is registered for GST or incorporated non-profit incorporation;
- Have one or more equivalent full-time employees in Queensland;
- Have operated the business or non-profit organisation since 1 July 2017; and
- Have suffered a loss of income as a result of COVID-19.
Please note the following:
- Eligible business types include sole traders, partnerships, private and public companies and trusts.
- A full-time employee is an employee who works at least 35 hours each week in the entity.
- Owners of a business may be regarded as employees if they work in the business.
How to apply
You can find more information via the Queensland Government website here, including how to apply.
We understand that trying to prepare your business for a response to the current challenges can feel overwhelming, therefore we want to be there to assist in any way that we can, no matter how big or small.
As applications are proposed to be processed on a first-in-first serve basis, we are eager to assist you with an eligibility assessment and support you during the application process COVID-19 Jobs Support Loans scheme in a timely manner. By taking a proactive approach with this assistance measure, we can help your business navigate through these challenging times.
Our team members who will be taking the lead on ensuring we can provide you with a prompt and cost-effective response to the COVID-19 Jobs Support Loans scheme are Peter Parsons and Madison Rose. Please reach out to Madison at madison.rose@au.gt.com or 07 3222 0395 for all enquiries in relation to eligibility and the application process. We will endeavour to work with you as efficiently as possible to ensure your business can continue with minimal disruptions to operations.
