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Small business COVID-19 loans extended: What you need to know –

The federal government’s small business COVID-19 loans scheme will now offer up to $1 million over a five-year term.



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Treasurer Josh Frydenberg. Source: AAP Image/Mick Tsikas.
The Morrison government is extending its small business COVID-19 loans scheme until June next year, after revealing that banks have so far lent a far lower amount than was targeted at the height of the pandemic in April.
Also, the maximum loan size will be increased four-fold to $1 million and terms expanded from a maximum of three years to five, under a plan to help businesses re-start their operations over the December quarter.

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