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Business groups welcome Coalition’s expansion of Covid-19 loan scheme for small employers – The Guardian

Industry leaders have praised the decision that will allow businesses to access more credit for a longer period of time

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Business groups have welcomed an overhaul of the $40bn loan guarantee program, which will now allow them to use government-backed finance to expand their operations rather than just pay for regular expenses.
Under the changes announced on Monday by the treasurer, Josh Frydenberg, from October guarantees will be provided on loans up to $1m, up from $250,000, and for five-year terms, up from three.
The small business loan guarantee, announced in the second stage of economic supports on 22 March,…

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