Senate debates

Monday, 23 March 2020

Questions without Notice

Coronavirus

2:10 pm

Photo of Mathias CormannMathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

(—) (): The government is providing up to $100,000 to eligible small and medium-sized businesses and not-for-profits, including charities. The minimum payment is $20,000. These payments will help businesses' and not-for-profits' cash flow so they can keep operating or go into hibernation while still paying their rent, electricity and other bills and retain staff. This measure will benefit around 690,000 businesses, employing around 7.8 million people, and around 30,000 not-for-profits, including charities. The government will establish the Coronavirus SME Guarantee Scheme, which will support small and medium enterprises to get access to working capital to help them get through the impact of the coronavirus. Under the scheme, the government will guarantee 50 per cent of new loans issued by eligible lenders to SMEs. The government's support will enhance lenders' willingness and ability to provide credit to SMEs, with the scheme able to support $40 billion worth of lending to SMEs. The government is temporarily increasing the threshold at which creditors can— (Time expired)

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