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Federal government tourism industry stimulus package announced

Recently, the Federal Government has announced a post-JobKeeper stimulus package to assist the travel and tourism industries.

Travel Incentives – Tourism and Business
The first support package is designed to support the tourism industry by offering around 800,000 half-price airfares from 1 April 2021 to select holiday locations. The subsidy is available to some regional operators along with Qantas, Virgin and Jetstar.

SME Recovery Loan Scheme
The second support package covers a wider range of industries, mainly designed to support SMEs (with a turnover of less than $250 million).

This scheme is only available to recipients of the JobKeeper payment between 4 January 2021 and 28 March 2021.   These loans are available through participating commercial lenders and 80% of the loan amount will be guaranteed by the Federal Government. Interest on these loans will be capped at around 7.5% with some flexibility and with terms of up to 10 years.

More about the eligibility criteria and terms of this scheme are available at: https://treasury.gov.au/coronavirus/sme-recovery-loan-scheme

If you would like to find out more about these support packages, please contact the Halpin Partners team on (07) 4052 0800.