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SUPPORT FOR REPAYMENT FREEZE Featured
20 March 2020 Posted by 

SUPPORT FOR REPAYMENT FREEZE

Banks provide relief for small businesses
THE state’s peak business organisation, Business NSW, says moves by the banks to freeze loan repayments for small businesses will be a great relief to many suffering rapid loss of sales as a result of the coronavirus.

“This is a great move, and something business owners across the country will be thankful for,” said Business NSW Regional Director Central Coast, Paula Martin.
 
“While we may have been critical, at times, of the banks in the past, it is clear that we are all in this together, and any help is appreciated,” Ms Martin said.
 
“It’s also encouraging to see the banks have acted swiftly and decisively, with most new arrangements able to be put in place by Monday.
 
“What’s important now is that businesses receive proper advice about what to do – that’s why Business NSW is advocating for provision of vouchers for small business owners to spend with their accountant or financial advisor to get that crucial advice.
 
“There are micro businesses and sole traders who don’t pay any payroll tax who are feeling left out of the conversation at present – so providing them a voucher to get tailored financial advice is the right thing to do.
 
“The capability is there through the Service NSW website where a system similar to the Active Kids Rebate could be established and administered quickly.
 
“What we also know is that whenever this pandemic ends, businesses will recover – planes will land, and tourists and customers will start spending again.
 
“It’s vital that the right advice is given to businesses being inundated with a number of different offerings from all levels of Government so that they are in the best possible position to survive the current crisis, retain their staff and be in a position to recover quickly”, Ms Martin said
 
About Business NSW


Formerly the NSW Business Chamber, Business NSW is the peak policy and advocacy body which has been representing businesses in NSW since 1826.

 



editor

Michael Walls
Publisher
P: 0407 783 413
E: Michael@accessnews.com.au

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Central Coast Business Access (CCBA) covers the business and community issues of the NSW Central Coast region. CCBA is a prime media source for connecting with the pulse of the region and tapping into it's vast opportunities.