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The Queensland Government’s $500 million COVID-19 Jobs Support Loan Scheme (Loan Scheme) was announced on 12 March 2020, and opened for applications on 26 March 2020.  Delivered by QRIDA, the loans provide carry on finance to help businesses retain staff and maintain their operation.

This Loan Scheme was heavily subscribed and it will not be possible for all applicants to receive a loan based on the current funding cap.

Additional support will therefore be made available to unsuccessful applicants through the establishment of a business advisory service panel.

Each unsuccessful applicant will be offered two business advisory sessions which will be delivered by firms from this panel.  These sessions are to provide guidance on other financial support options the business could pursue (such as other Commonwealth or Queensland government programs/schemes/fee rebates). In these sessions, advisers will engage businesses to:

• identify programs / schemes which the business may be eligible for and guidance on applications; and
• prompt consideration of other options to support their business during the current COVID-19 pandemic, such as (but not limited) to discussions with their landlord or other entities in relation to hardship arrangements.

The business advisory services are not, and should not be perceived as, providing financial advice.  Rather it will provide general advice on the availability of other financial support options where the applicant may be eligible based on the information available.

Up to five firms – with suitably qualified advisors – will be appointed to conduct these sessions.