Small businesses impacted by the coronavirus will be able to defer their loan repayments for six months, under a plan put forward by the banking industry.
Highlights:
- Death toll reaches 7, total COVID19 positive cases more than 700
- Small Business to get 6 months loan payment deferral
- Australia closes its borders for all non-citizens and non-residents
Australian Banking Association CEO Anna Bligh says Australia's small businesses collectively have $100 billion in loans -- and this plan would save them $8 billion.
Ms Bligh says small businesses who are impacted by COVID-19 are entitled to a 6-month deferral of loan payments and the provisions will be put in place as quickly as possible.
“All that businesses will have to do is to register their need with their bank. Banks are not going to wait for businesses to come to them - they are, right now, out in the field, talking to their business customers, putting things out through their customer channels, and telling customers how they can reach their bank to access this deferral of payments."
The new measures come as travellers to Australia will be banned as the government implements measures to slow the spread of the virus. Australians and their direct family members will still be allowed in, but must self-quarantine for 14 days.
As of Tuesday afternoon, only people who have recently travelled from overseas or have been in contact with a confirmed COVID-19 case and experienced symptoms within 14 days are advised to be tested.
Coronavirus symptoms can range from mild illness to pneumonia, according to the Federal Government's website, and can include a fever, coughing, sore throat, fatigue and shortness of breath.
If you believe you may have contracted the virus, call your doctor, don’t visit, or contact the national Coronavirus Health Information Hotline on 1800 020 080.
If you are struggling to breathe or experiencing a medical emergency, call 000.
