COVID – 19 Job Support Loans

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Applications are now open…

If you are a sole trader, company, partnership, trust or other eligible entity who employs staff and is interested in applying for a low rate government loan to assist with keeping employees, then please below.

How much can we borrow?

Eligible businesses can apply to borrow up to $250,000. You can calculate your maximum borrowings by averaging your employee wages and superannuation expenses for the 2018 and 2019 income tax years and multiplying by 50%. There is a calculation within the application online to assist you with the amount.

What can we use the loan funds for?

The loan funds can be used for working capital purposes to assist with paying employee wages, creditors, rent and other usual business expenses. It is unable to be used for refinancing or asset purchases.

What are the loan terms?

The Covid-19 Job loans will be for a term of 10 years with the first year being interest and repayment free. The interest rate after the first year will then be 2.5% p.a and interest only for a further 2 years. After that, principal and interest will be payable for the remainder of the loan term.

How do I apply for the loan?

You can apply online by going to the Queensland Rural and Industry Authority website or by following this link.

What do I need before I apply?

  • Business Financial Statements for the years ended 30 June 2018 and 30 June 2019
  • Personal Taxation Returns for associated members for the years ended 30 June 2018 and 30 June 2019
  • Bank Account Information
  • Australian Taxation Office (ATO) Integrated Client Account Statement
  • Aged list of debtors and creditors at time of Application
  • Application Identification Information – 2 forms ID (Drivers License, Passport or Medicare card)
  • Associated individuals Assets and Liabilities at the date of application

Who can assist with making the application?

We are available to assist you with any questions regarding your application, however as it is a loan, we are unable to prepare or lodge it on your behalf. You can also contact the QRIDA on Freecall 1800 623 946 with any questions.

When must we apply by?

Applications are open to 25 September or until all funds are allocated.

Useful Resources

Job Support Loan Guidelines

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