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Frequently Asked Questions - COVID-19 Jobs Support Loans

Application Information

Are new applications still open?

Due to overwhelming demand, the Queensland Government’s COVID-19 Jobs Support Loan scheme has closed to new applications.

Applications are assessed by QRIDA in the date order that they were received complete with all the required information for assessment.

The COVID-19 Jobs Support Loan scheme closed to new applicants on midday Saturday 18 April 2020.

The Queensland Government scheme administered by QRIDA is helping Queensland businesses and non-profit organisations financially affected by COVID-19 to retain employees and maintain their operations.

What about the new funding announced on 9 May?

The Queensland Government announced an additional $500 million in funding on 9 May for the COVID-19 Jobs Support Loan scheme taking total scheme funding to $1 billion.

Applications lodged from when the scheme opened will continue to be assessed in the date order they were received up until the $1 billion in funding is fully committed

This additional funding is available, until fully committed, to businesses that have already lodged their application for assistance and have not yet been processed.

No new applications will be received.

What other assistance is available?

As one of the first business support packages to be announced across Australia, the Queensland Government has doubled its initial funding for the COVID-19 Jobs Support Loan scheme to $1 billion. The concessional loan which includes no repayments in the first 12 months is providing immediate relief for businesses and as a stepping-stone to other assistance programs now available including:

How long will it take for my application to be processed?

Submitted applications that have already been received, will be assessed in the date order that they have been received complete with all the required information for assessment.

Applications will continue to be assessed up until the $1 billion in funding is fully committed

Given the large volume of applications already received, the QRIDA team has significantly increased its resources to process these applications as quickly as possible to provide outcomes on submitted applications.

Our current expected processing times for loan applications received are as follows:

  • Up to 31 March expect to be processed by mid-May
  • From 1 April expect to be processed during May and June depending on the date it was received complete. Applications will be assessed up until the $1 billion in funding is fully committed.

Once I have submitted, can I make changes to my loan application?

You can discuss these changes with your QRIDA Assessment Officer when they contact you about your application.

If my loan application is declined, can I appeal the decision?

Yes. You will have access to a decision review if you are dissatisfied with decision on your loan application. See more details on the decision review process on the QRIDA website.

Loan Information

What can the loans be used for?

The COVID-19 Jobs Support Loans scheme is to meet the working capital needs of businesses and non-profit organisations that have been financially impacted by COVID-19. This includes expenses such as employee wages, paying creditors and rent and rates and stock.

Loans cannot be used to refinance existing business loans, or to purchase equipment or other assets.

How will I know if my loan has been approved?

When your application is ‘finalised’, QRIDA will notify you via phone or email of the outcome of your loan application submission.

How will I receive the loan funds?

After you have been notified that your loan application has been approved, QRIDA will prepare and send loan documentation to your nominated email address for you to review and sign.

When QRIDA receives your signed loan documentation, it will remit the approved amount to the bank account you nominated in your application.

How long will it take to receive loan funds after I return my signed loan documents?

The full amount of loan funds approved should be deposited to your nominated bank account within five business days of QRIDA receiving your signed loan documentation.

How do I make loan repayments?

When your loan repayments commence, they will be drawn from your nominated bank account under direct debit arrangements.

QRIDA will arrange a direct debit authority with your loan documentation.

Can I repay the loan early?

Yes. You can repay the loan at any time during its term.

Are there any fees or changes if I pay off the loan sooner?

No. No fees or charges added charges if you pay the loan off before the 10-year term is finished.

How long will I have to repay a loan?

All COVID-19 Jobs Support Loans will be provided for a term of 10 years, with the first year being interest and repayment free, followed by two years of interest only payments.

Principal and interest repayments will commence from the third year for the remainder of the loan term.

What is the interest rate for this loan?

A fixed interest rate of 2.5% per annum applies to loans over their term except for the first year when the loan is repayment free and no interest is charged.

The next years are interest only, followed by principal and interest repayments on remaining term of the loan.

How often will loan repayments be required?

When repayments commence, they will be required on a monthly basis.

What is the maximum borrowing amount?

The maximum loan amount is 50% of your operation’s annual wage expense, to a maximum of $250,000.

Your annual wage expense is the average of your employee wage expense including superannuation for the 2017-18 and 2018-19 financial years.

If you work in the business, your own salary or drawings in your annual wage expense may be included.

Is there a minimum loan amount?

No minimum loan amount applies.

Is loan security required?

Loans up to $100,000 do not require loan security.

For loans over $100,000 and up to $250,000, a General Security Agreement (GSA) is required.

A GSA is a general charge over the business assets of an entity.

I have used funds from personal savings or an overdraft account to pay business creditors. Can I use this loan to repay these amounts?

Loans are unable to be used to refinance existing debt but may be used to make repayments on loan facilities.

IT Assistance

I forgot my password, what do I do?

Please click on the ‘Forgot your password? Reset it here’ link on the online application portal login page.

This will prompt you to enter your email address. Upon submission, a reset email will be sent to your email address.

Please note, if you did not click the link on the original validation email, you will not be able to reset the password.

What is a Client ID number and where do I find it?

A Client ID is a number QRIDA allocates to applicants who have applied for assistance under programs and is used for any subsequent applications.

If you are an existing QRIDA client and cannot locate your ID number you should contact QRIDA. Your Client ID number will be attached to the correct borrowing entity based on ABN details held.

Other business assistance

Queensland Government - 13 GOV (13 74 68)

Australian Government - 13 28 46

Last updated
3 June 2020