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.
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The Queensland Rural and Industry Development Authority (QRIDA) are administering the loans.
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.
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.
Loans up to $100,000 - no security
Loans from $100,000 to $250,000 - secured by a General Security Agreement
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.