JobKeeper will end on 28 March. For those currently accessing JobKeeper, the Government has announced an extension to, and expansion of, its SME Loan Guarantee Scheme.

The expansion will increase the possible loan amount from $1million to $5million, with banks set to guarantee 80% of the loan and repayment relief on both principal and interest of up to 24 months, and loan terms increased from five to ten years.

Only those on JobKeeper between 4 January and 28 March 2021 are eligible and can apply from 1 April.

We will be supporting small businesses to access the scheme, but the big piece here is not to do it in isolation. A new business plan that factors in the loan requirements, repayments and revenue opportunities is an absolute must.