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Funding of up to $250,000 available to provide ongoing job support in Queensland
Queensland Rural and Industry Development Authority (QRIDA) have the mandate from Queensland Government to administer the $500 million Job Support Loans for Queensland business and non-profit organisations that are financially affected by COVID-19 to help retain employees and maintain their operations.
A loan of up to $250,000 is available for applicants who fit the below criteria:
- Operated since 1 July 2017;
- Suffered a loss of income as a result of COVID-19;
- Have one or more full-time employees; and
- Businesses operating in any sector.
The features of the loan are as follows:
- Maximum loan of up to $250,000;
- No interest charged in the first year, so no repayment is required;
- Second and third years require interest only payments;
- Principal and interest to repay it over the remaining 7-year term
- 2.5% fixed interest rate; and
- 10-year term loan.
It is important to note that the maximum loan amount is 50% of your operations average annual wage expense over the 2018 and 2019 financial years OR a maximum of $250,000 (whichever is less)
The application is a two-stage process:
- Detailed application (Opened 26 March 2020 and closes 25 September 2020);
- Application will be assessed involving possible consultation with QRIDA.
Further details and FAQs on the program please visit http://www.qrida.qld.gov.au/current-programs/covid-19-business-support/queensland-covid19-jobs-support-scheme .
For assistance considering your suitability and in submitting your application and supporting documentation please contact your usual Mazars advisor or alternatively our Loan specialists Angela Winton or Owen Dingle on +61 7 3218 3900.
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.
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