Banks ready to support JobKeeper scheme
The Australian Banking Association (ABA) has announced the banks’ readiness to support the JobKeeper program while businesses and their employees are waiting for the first payments from the scheme.
The upcoming programme would allow businesses to use payment as a basis to seek credit and pay their employees before the scheme would make its first payments.
“Banks stand shoulder to shoulder with the Australian Government and businesses across the country to help us emerge on the other side of this crisis strong and ready to rebuild,” the ABA’s chief executive, Anna Bligh, said.
“As many businesses face a number of weeks of little or no cashflow before they receive payments under the Government’s JobKeeper program, Australian banks may be able to help.”
She went on to explain that there were a number of businesses which were eligible for credit, such as an extension to their overdraft, which could offer them cashflow to pay their staff.
“Each business will be assessed on a case by case basis to determine the assistance that may be appropriate to their circumstances,” she assured.
Businesses affected by the COVID-19 crisis should contact their bank to access these initiatives and discuss what support is available to them including options to defer loan repayments for up to six months.
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