March 17, 2020
The State Government will create a new $500 million loan facility, interest-free for the first 12 months, to support businesses to keep people in work during the COVID-19 crisis.
It will also extend the coronavirus payroll tax deferral to all businesses across Queensland.
Premier Annastacia Palaszczuk said the rapidly evolving impacts of the pandemic demanded a rapidly evolving response from the government.
“We know just how tough Queensland families and businesses are doing it in the face of this pandemic,” Premier Palaszczuk said.
Treasurer Jackie Trad said the $500 million concessional loan facility would consist of loans of up to $250,000 with an initial 12-month interest free period for businesses to retain staff.
“The Queensland Government already backs farms and businesses with assistance loans in times of natural disasters,” Ms Trad 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.”
Ms Trad said the initial offer of payroll tax deferral had already been taken up by almost 300 small and medium businesses after just two weeks.
“As the Prime Minister has pointed out, it’s small businesses that are hurting the most, and its them we moved to help first with our initial payroll tax deferral earlier this month,” Ms Trad said.
“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.”