Treasurer Josh Frydenberg has hailed the Morrison government’s expansion of the loan guarantee scheme as “great news for 3.5 million small businesses across the nation” as the economy continues to take a hit from the coronavirus crisis. The government was set to announce on Monday an extension to the $40 billion scheme would see the current cap on business loans increased from $250,000 per borrower to $1 million.
Mr Frydenberg told Sky News the announcement “reflects the fact small businesses are the backbone of our economy, they’re going to be a key part in our recovery”. “It was confined to working capital, we’re now expanding the use for which the money can be put.” The Treasurer said 15,500 businesses had benefited from the scheme since it was rolled out in March. “So it is playing an important role in keeping the flow of credit going to the economy,” he said.
JoshFrydenberg Good work LittleJoshy 👏👏👏👏
JoshFrydenberg What's discretionary spend gonna look like when people need to raid their own super to survive. Old rich can only buy so many coffees (after it's safe for them to go out)
JoshFrydenberg
JoshFrydenberg 🤷🏻♂️
JoshFrydenberg Well nobody else is hailing it so why not !
JoshFrydenberg
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Source: SkyNewsAust - 🏆 7. / 78 Read more »