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NSW Government welcomes banking industry support for businesses and individuals impacted by COVID-19
NSW Premier Gladys Berejiklian and Treasurer Dominic Perrottet today welcomed a package of measures announced by the Australian Banking Association (ABA) to support small businesses and homeowners affected by COVID-19 lockdowns.
The ABA package is aimed at helping eligible customers significantly impacted by restrictions, and includes up to three-month repayment deferrals for small businesses, refunds of merchant terminal fees for up to three months and loan deferrals on a month-by-month basis for eligible homeowners and small business customers.
“This is a vital step by the banking industry and a strong show of support for businesses and homeowners during a particularly tough period,” Ms Berejiklian said.
By Alice Uribe Banks are seeking urgent authorization from Australia s competition regulator for a renewed program of loan deferrals amid Sydney s worsening Covid-19 outbreak, according to the Australian Banking Association. The national package would be available to borrowers significantly affected by current lockdowns or recovery from recent lockdowns, irrespective of geography or industry. Australia s banks had largely run down loan deferrals that were introduced in 2020 during the Covid-19 outbreak, but their return comes as Sydney grapples with the infectious Delta strain. This pandemic demonstrates why strong and stable banks are so important for the nation s economy. Banks are ready to do whatever they can to shield their customers from the impact of these recent lockdowns , ABA Chief Executive Anna Bligh said.
Australian Banking Association CEO Anna Bligh (AAP Image/Mick Tsikas).
Small businesses affected by lockdowns should soon be able to access three-month loan repayment deferrals after the Australian Banking Association (ABA) announced a national support package.
The ABA announced the support package on Thursday, saying it will be available to small business and home loan customers that are “significantly” affected by current lockdowns or recovering from recent lockdowns regardless of geography or industry.
The ABA is made up of 22 member banks, including the big four and other major banks operating in Australia.
The support includes up to three-month repayment deferrals for business loans offered to small business customers that borrow less than $3 million and have a turnover of less than $5 million. This includes up to 98% of small businesses.
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