The SME loan recovery scheme has been extended for a further six
months to 30 June 2022 (from 31 December 2021). Under the extended
scheme, the amount guaranteed by the Government will reduce to 50%
(previously 80%) from 1 January 2022 – 30 June 2022.
SMEs with a turnover of less than $250 million who have been
adversely impacted by COVID-19 may be able to access loans of up to
$5 million over a term of up to 10 years. The requirement for an
SME to be in receipt of JobKeeper payment between 4 January 2021
and 28 March 2021 has been removed.
Key features of the SME Recovery Loan Scheme
include:
- 50% Government guarantee
- Lenders can offer borrowers a repayment holiday of up to 24
months.
