The Queensland Government has announced the eligibility criteria and application process  for the Queensland COVID-19 Jobs Support Loans. The $500 million loan facility, interest free for the first 12 months, is to support Queensland businesses impacted by COVID-19 to retain employees and maintain their operations.

Can you get a piece of this-

The Queensland Rural and Industry Development Authority (QRIDA) are administering the loans.

LOANS AVAILABLE

Up to 50% of a business' average annual wage expense from the 2018 and 2019 financial years to a maximum of $250,000.

USE OF THE MONEY

Loans can be used to meet working capital expenses (e.g. wages, rent, repayments on existing finance facilities, creditors, stock etc). Loans cannot be used to refinance existing business loans or buy new equipment.

ELIGIBILITY

An ABN registered business with one or more full-time employees in Queensland AND have suffered a loss of income as a result of COVID-19.

SECURITY

Loans up to $100,000 - no security

Loans from $100,000 to $250,000 - secured by a General Security Agreement

CONDITIONS

10 year term

First year interest free and repayment free

Second and third years - interest only

Monthly principal and interest for the remaining term

Interest rate 2.5%

Full guidelines can be found at http://www.qrida.qld.gov.au/__data/assets/pdf_file/0018/17541/Guidelines-COVID-19-Jobs-Support-Loans.pdf

HOW DO I APPLY

You can only apply online. See the QRIDA website  http://www.qrida.qld.gov.au/current-programs/covid-19-business-support/queensland-covid19-jobs-support-scheme and please contact Dickfos Dunn should you require any help.