The Australian Banking Association has announced that member banks of the association will defer loan repayments for small businesses affected by COVID-19 for six months.
Businesses affected by the financial impacts of COVID-19 can request a six-month payment deferral on loan repayments from their bank for term loans, with interest capitalised. Unpaid interest throughout this period will be added to the outstanding loan balance.
This Assistance Package will apply to more than $100 billion of existing small business loans nationwide.
The contact details of Australian Bank financial hardship teams can be found here