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.

Published: 27/3/2020

Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.

All rights reserved. This publication in whole or in part may not be reproduced, distributed or used in any manner whatsoever without the express prior and written consent of the Mazars, except for the use of brief quotations in the press, in social media or in another communication tool, as long as Mazars and the source of the publication are duly mentioned. In all cases, Mazars’ intellectual property rights are protected and the Mazars Group shall not be liable for any use of this publication by third parties, either with or without Mazars’ prior authorisation. Also please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice. Content is accurate as at the date published.

More Resources

Want to know more?