Rolling back government financial support ‘completely untenable’ for small business

Labor frontbencher Stephen Jones says it is “completely untenable” for the government to roll back all its financial support schemes as businesses would undergo an “almighty crash”. The Reserve Bank has appealed to the government to extend its Jobseeker and JobKeeper payments beyond the September deadline, as well as push for a plan to guide businesses out of the loan deferral scheme. Mr Jones told Sky News that small businesses alone had accrued $60 billion worth of loan deferrals. He said if businesses were forced to pay all deferred fees and loans at once “they are simply going to close the door, throw their hands in the air and say to their workers ‘sorry we can’t keep you on’”. "Banks are going to have to have some certainty from the government what sort of support is going to be available to some of those industries ,” he said. “If we can save a viable business and if we can ensure a viable business has a plan to get out of the crisis then we should do everything we can to ensure that we do that. “It’s worth the effort, it’s worth the investment to have government working together with the banking a sector and the small business sector to put in place an integrated package.” Image: Getty Via news.com.au — Australia’s #1 news site https://www.news.com.au