FOLLOWING the RBA's announcement to cut the cash rate to a record 0.25%, and the subsequent announcement to set up a $90B term funding facility for banks to use to support SME clients, the Australian Banking Association has today announced it will defer loan repayments for six months for those SME's affected by Coronavirus.

The finer detail:

The package could mean as much as $8B worth of loan repayments will be deferred for the six month period.

Banks have set up a fast track approval process and have already started reaching out to their customers to communicate the offer. If you have not heard from your bank you are encouraged to reach out to your account manager.

The package is currently subject to authorisation by the ACCC.