Components

COVID-19 Jobs Support Loan

The COVID-19 Jobs Support Loan Scheme has helped Queensland businesses and non-profit organisations financially affected during COVID-19 to retain employees and maintain their operations.

QRIDA

Key program information



$1 billion

total loan scheme funding

First year

no repayments or interest charged

Years 2 and 3

interest only repayments

Years 4 to 10

principal and interest repayments

2.5%

set interest rate for the loan term

10 year

total loan term

Information about your COVID-19 Jobs Support Loan

As part of the Queensland Governments response to COVID-19, a $1 billion loan scheme was delivered by QRIDA between March and September 2020.

Now closed for applications, the scheme has assisted 7,000 Queensland businesses and supported 86,000 local jobs.

The COVID-19 Loan is to be repaid in full within the 10-year term. The interest rate of 2.50% is set for the term of the loan and there are no fees charged if you make advance payments or repay the loan in full at any time within the term.

The first interest repayments are due 13 months from the date at which you received your loan.

Repayments will be by direct debit to your nominated business transaction account. To update your direct debit details please complete the form.

The QRIDA COVID-19 Loan is managed by a dedicated team who are available to assist with a range of requests and enquiries.

Small Business Help and Support

Find a range of information, support, services and assistance for small business here.

Find below a range of forms and information

Download and complete the form below that fits your needs.

Additional payments request

Additional payments (PDF, 96.1 KB) form to reduce the balance and save on interest charges. Your QRIDA team will be in touch to discuss your options.

Authorising a third party

Third party authorisation (PDF, 108 KB). You can request QRIDA to provide information pertaining to your COVID-19 Jobs Support Loan to a third party, to the loan (e.g. spouse, accountant, bookkeeper, employee).

Business closure or sale notification

Sale or business closure (PDF, 104 KB).You must advise QRIDA in the event your business is to be sold or will no longer be operating as this will require the repayment of your loan. To request a payout figure on your loan use this form.

Change of contact details

Update contact details (PDF, 110 KB). QRIDA will contact you via phone, post, SMS or email regarding your loan so it’s important your details are kept up to date. This includes changes to the road address of the business.

Change of members notification

Change of officeholders and shareholders (PDF, 116 KB). Please notify QRIDA of any changes to directors, trustees, other officeholders and shareholders.

Direct debit update details

Change your bank account details (PDF, 262 KB).It’s important to advise QRIDA immediately of any changes to your business bank account details. QRIDA will change the direct debit for your loan upon receiving this form.

Loan payout request

Loan payout (PDF, 104KB). Advanced notice is required if you plan to payout your COVID-19 Jobs Support Loan. Use this form to request a payout figure for the loan.

Notification of deceased

Deceased notification (PDF, 113 KB). In the event that a client or officeholder (e.g. director/trustee) is deceased, please advise QRIDA using the deceased notification form. Please note, if this has resulted in a change of company directors or officeholders, please advise QRIDA of the new directors/officeholders by completing the change of members notification (PDF, 122KB) form.

One-off late payment or financial hardship

One-off late payment or financial hardship (PDF, 115KB). If you anticipate that you may be late in making a scheduled loan payment (e.g. within a week), contact QRIDA on the details below and we will be in touch to discuss. If the situation is more serious and the business is experiencing difficulties in meeting its contracted loan payments please use this form.

Request a loan account statement

Loan account statement (PDF, 97 KB). Use this form to request a statement of your loan account with QRIDA.

Information for lenders

QRIDA holds security via a General Security Agreement (GSA) listed on the Personal Property Securities Register (PPSR) to secure all COVID-19 Jobs Support Loans with an initial balance of more than $100,000.

If you are a financier and you want to obtain a partial release of QRIDA’s security interest or would like to discuss a Deed of Priority arrangement in respect to the QRIDA GSA, please contact QRIDA.

Please note that QRIDA shall assess all requests received and may require additional information in order to complete the assessment and provide an outcome.

Frequently asked questions

View all FAQs

Additional repayments or the full repayment of your COVID loan can occur at any time, without any additional charges. Simply download and complete the loan payout form and a member of the QRIDA team will be in touch with you to discuss your options.

The scheme guidelines require that all COVID loans with an approved value of more than $100,000 needed to be secured by a General Security Agreement on the PPSR.

No, if you cease to operate your business you will need to arrange for the repayment or refinance of your COVID-19 Job Support Loan. Please contact your Portfolio Manager on jobsupportloan@qrida.qld.gov.au to discuss your situation prior to making any decisions.

Yes, if you are relocating your business to a new address you will need to advise QRIDA of this change. Please complete a change of contact details form and email to jobsupportloan@qrida.qld.gov.au.

QRIDA will contact you via telephone, email, SMS or post. Should you be concerned about whether contact you have received is genuine, please contact QRIDA on Freecall 1800 623 946 and ask to speak with your Portfolio Manager.

Yes, any change to your business structure or business name needs to be discussed with QRIDA before you make any decisions or changes. Please contact QRIDA on jobsupportloan@qrida.qld.gov.au to discuss your proposal with your Portfolio Manager.

Yes, any change to the ABN which you use in operating your business will impact upon your loan agreement. Should you be considering a change to your ABN, please contact your Portfolio Manager on jobsupportloan@qrida.qld.gov.au to discuss prior to making any changes.

If you are struggling to make the repayments on your loan, please contact QRIDA to discuss your specific situation and circumstances. QRIDA will then review your loan account and business in order to assist you. To commence this discussion, please complete a financial hardship form and email to jobsupportloan@qrida.qld.gov.au

QRIDA holds a General Security Agreement against your business on the Personal Property Security Register (PPSR) if your initial loan balance was more than $100,000. To discuss the partial release of an asset from the QRIDA security, please email jobsupportloan@qrida.qld.gov.au and a member of the QRIDA team will be in touch to discuss.

To change your direct debit details for your QRIDA loan, please complete the direct debit amendment form and the change will be processed by QRIDA.

Yes, you can refinance your COVID loan to another lender. Please download and complete the loan payout form and a member of our team will be in touch with you to discuss.

The first interest charges will start to accrue on your COVID loan on the 1 year anniversary of the loan drawdown.

Your first interest payment will be due 13 months from the date at which you received your COVID loan, for example, interest will start to calculate 1 year after the funding date and the first payment will be due one month after that.

Payments will be charged monthly thereafter and debited to your nominated business transaction account.

A Deed of Priority may be required by your commercial bank to formalise the loan security arrangements between lenders. This request will require QRIDA to undertake an assessment of your business and the security position proposed. To discuss this with QRIDA, please email jobsupportloan@qrida.qld.gov.au and your Portfolio Manager will be in contact to discuss.

The terms and conditions of your loan were provided to you with your facility letter (loan agreement) that you signed when you took up the loan. View the general loan conditions.

No, if you cease to operate the business that received the COVID-19 Jobs Support Loan, you are unable to maintain your loan. Please contact QRIDA to discuss your situation and proposal before you make any decisions. Email your Portfolio Manager on jobsupportloan@qrida.qld.gov.au.

Loan account statements will be issued on a financial year basis in July. If a loan statement is required at any other time, please complete the loan account statement form. Otherwise, a statement will be issued in July.

Contact QRIDA

For enquiries about your COVID-19 Jobs Support Loan email jobsupportloan@qrida.qld.gov.au or contact us.

Business
Loan

Last updated: 07 November 2022