Speaking to media (Sky) about the Australian federal government overhaul of its coronavirus small and medium enterprise guarantee scheme
- Announced over the weekend.
- will now allow banks to provide low-interest rate loans of up to $1 million for terms of up to 5 years (previously it allowed 3-year loans of up to $250,000)
CBA CEO, Matt Comyn, had comments on the extension earlier:
- the expanded scheme would give businesses a deeper pool of financial support
- "It is clear from the challenges that we are currently facing in the Victoria that the recovery will not be as smooth or quick as first thought which is why it is essential we come up with creative solutions that offer small businesses, in particular, different ways to play their part in helping the country and Australians get back on their feet"
Australian Treasurer Frydenberg adds there will be a 2nd phase of income support also.
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ps. ICYMI, Comyn is referring to the disastrous government response in Victoria to managing the coronavirus outbreak. Cases have surged in the state, Australia's second most populous, and particularly in capital city Melbourne (Australia's second most populous city). Not only inflicting a terrible human cost as deaths mount but also setting back Australian economic recovery.
