For all the small business owners trying to piece together what their banks are doing to support in this unprecedented time, see the summary from ANZ, CBA, NAB and Westpac.
Whilst we understand that banking may the last thing on your mind, we urge small business owners to take every possible saving and measurements available.
One note of consideration for the loan repayments to be deferred. If you defer, the interest will be capitalized to your loan account; meaning you will pay more in the long run. This is however welcoming relief for now through the difficult time.
Second point is that, if you have a Merchant Terminal / EFT Machine, NAB and Westpac has fee waiver for 6 months.
The major banks have outlined support measures for consumers and business affected by the coronavirus outbreak
Feel free to contact us if you require some further guidance.
Nirosh Weerasinghe 0401 976 188
Chamila Suraweera 0402 927 220
Shane Cross 0421 427 272
Information here is accurate as at 26 March 2020.