Extending the Coronavirus loan guarantee scheme for small businesses, Australia announced to enhance the credit limit to up to A$1 million from A$250,000.

Sources said the expanded scheme is likely to start in October this year and run till June 2021. The scheme will also allow businesses with a turnover of under A$50 million to apply for loans so that they can fund their investment plans.

“The next phase of the Coronavirus small and medium enterprises guarantee scheme will help businesses move out of hibernation, successfully adapt to the new COVID-safe economy and invest for the future,” Treasurer Josh Frydenberg said in a statement.

It is to be noted that the COVID-19 outbreak has wreaked havoc on the Australian economy and the government has pledged over $112 billion to revive the economy.