Coronavirus Qld: $250,000 business loans to save jobs

The Queensland Government will announce a massive package to keep businesses afloat and employees in jobs as the state seeks to ride out the coronavirus pandemic.

QUEENSLAND business will be given interest-free loans to keep them afloat, and people in jobs, under a $500 million fund to be announced today.

Premier Annastacia Palaszczuk will detail the new measure to deal with the ongoing economic impact of the coronavirus pandemic, while also extending the six-month payroll tax deferral to all businesses across the state.

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“We know just how tough Queensland families and businesses are doing it in the face of this pandemic,” the Premier said.

Premier Annastacia Palaszczuk will announce the measures today.

“We know the effects of this outbreak will grow and intensify, and as they do, so will our measures to protect Queenslanders health, their jobs and their businesses.”

Treasurer Jackie Trad will this week set to detail the latest information on how bad the impact on the Queensland economy will be.

She’s already revealed it will eclipse the initial forecast cost of $1.7 billion.

Ms Trad said business would be able to take out interest-free loans over $250,000 to retain staff, initially for 12 months.

“The Queensland Government already backs farms and businesses with assistance loans in times of natural disasters,” she said.

“Through the Queensland Rural and Industry Development Authority, we already have the mechanism in place to start rolling these loans out the door as soon as possible to help Queensland businesses keep staff on and survive this downturn.”

She said the Government’s offer of payroll tax deferral for small and medium business had already been taken up by almost 300 businesses.

“But we are seeing this outbreak is having a devastating impact on all Queensland companies, large and small, so now we will extend the offer of a six-month payroll tax deferral to all affected businesses across the state,” she said.