{"id":5902,"date":"2021-03-17T11:43:08","date_gmt":"2021-03-17T01:43:08","guid":{"rendered":"https:\/\/www.www.walshaccountants.com\/?p=5902"},"modified":"2021-03-17T13:09:57","modified_gmt":"2021-03-17T03:09:57","slug":"expansion-of-sme-loan-scheme","status":"publish","type":"post","link":"https:\/\/www.walshaccountants.com\/expansion-of-sme-loan-scheme\/","title":{"rendered":"Expansion of SME Loan Scheme"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5902\" class=\"elementor elementor-5902\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1bd1c62 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1bd1c62\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6649d85\" data-id=\"6649d85\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-51d0745 elementor-widget elementor-widget-text-editor\" data-id=\"51d0745\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>On the 11th March, Prime Minister Scott Morrison announced a <a href=\"https:\/\/www.walshaccountants.com\/get-ready-gc-the-tourists-are-coming\/\">$1.2 billion stimulus package to support the domestic tourism<\/a> sector with Australian travellers offered half-price flights to travel interstate.<\/p><p>As part of its targeted support announcement, the Morrison government also announced an extension to and expansion of, its SME Loan Guarantee Scheme.<\/p><p>Open to recipients of the JobKeeper payment between 4 January 2021 and 28 March 2021, this expansion will see an extension to the length and size of loans available to businesses, increase the amount of eligible businesses, and increase the Government\u2019s guarantee of each loan from 50% to 80%.<\/p><p>In short:<\/p><ul><li>loans must be approved between 1 April 2021 and 31 December 2021<\/li><li>businesses can apply for 10 year loans of up to $5 million<\/li><li>these loans come with an option of a 24 month repayment holiday<\/li><li>an eligible loan under the Scheme can take any form of credit (including overdrafts, working capital and revolving facilities, leases or hire-purchase arrangements), with the exception of a credit, debit, charge card or business card facility<\/li><li>loans may be used to refinance any pre-existing debt of an eligible borrower<\/li><\/ul><p>This scheme is specifically designed for small and medium sized businesses with up to $250 million turnover. Both self-employed individuals and non-profit businesses are eligible. Businesses that have accessed loans in Phase 1 and Phase 2 can also apply for loans under the scheme.<\/p><p>Also, unlike the previous phases, loans issued under the Scheme can be used to refinance existing loans or for a broad range of business purposes (including to support investment), but <strong>cannot be used to:<\/strong><\/p><ul><li>purchase of residential property;<\/li><li>purchase of financial products;<\/li><li>lending to an associated entity; or<\/li><li>lease, rent, hire, hire-purchase existing assets that are more than half way into their effective life.<\/li><\/ul><p>Treasurer Josh Frydenberg said \u201cthis SME Recovery Scheme is part of the next step in our plan to help small businesses stand on their own two feet as the economy recovers from COVID-19.\u201d<\/p><p>\u201cThe expansion and extension of the loans will back businesses that back themselves and will help businesses who continue to do it tough build a bridge to the other side of the crisis and keep their staff employed.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-34f6fb6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"34f6fb6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-46d4198\" data-id=\"46d4198\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b32d138 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"b32d138\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1e380fd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1e380fd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9adb8a6\" data-id=\"9adb8a6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e1b3b2c elementor-widget elementor-widget-heading\" data-id=\"e1b3b2c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">How can Walsh Accountants help you?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-20694cb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"20694cb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-25f06dc\" data-id=\"25f06dc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-14eefa2 elementor-widget elementor-widget-text-editor\" data-id=\"14eefa2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If you would like to discuss how the extension of the loan scheme may benefit your business and help recover from the COVID-19 downturn, we encourage you to contact your <a href=\"https:\/\/www.walshaccountants.com\/contact\/\">accountant<\/a> or financial representative.<\/p><p>This information is general in nature and does not take into consideration your personal situation and circumstances. Before applying for any form of finance, we encourage you to seek professional advice.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>On the 11th March, Prime Minister Scott Morrison announced a $1.2 billion stimulus package to support the domestic tourism sector with Australian travellers offered half-price flights to travel interstate. As part of its targeted support announcement, the Morrison government also announced an extension to and expansion of, its SME Loan Guarantee Scheme. Open to recipients [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5903,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[91,99,14,64,67,62,96,68,66],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Expansion of SME Loan Scheme | Walsh Accountants<\/title>\n<meta name=\"description\" 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