In response to the devastating floods happening in New South Wales this week, there are a couple of assistance programs to help those affected: Small Business Commission Disaster Recovery Funding Arrangements (DRFA) and Commonwealth Bank’s Emergency Assistance.
Small Business Commissioner
The Disaster Recovery Funding Arrangements
The Disaster Recovery Funding Arrangements (DRFA) is a jointly funded program between the Australian Government and state and territory (state) governments, through which the Australian Government provides financial assistance to support state governments with disaster recovery costs. Eligible costs include assistance measures for individuals and families, businesses, primary producers, non-profit organisations and local and state governments.
Assistance for small businesses, primary producers and non-profit organisations
Concessional interest rate loans (direct damage) to small businesses and primary producers: Loans of up to $130,000 at a fixed concessional interest rate may be available to small businesses and primary producers (subject to certain eligibility criteria) that have been directly impacted by a disaster.
These loans may be used to meet carry-on requirements or to repair or replace damaged property not covered by insurance.
- State administering agency: NSW Rural Assistance Authority
- Enquiry contact: NSW Rural Assistance Authority on 1800 678 593
The ATO also offers assistance with meeting tax obligations for businesses impacted by floods. More information here.
Read full article here.
CBA Emergency Assistance for flood affected areas in New South Wales
Commonwealth Bank (CBA) is providing its Emergency Assistance to customers and businesses in New South Wales flood-affected areas.
It is encouraged that affected customers discuss their individual circumstances by phoning 1800 314 695. Business customers can also call 1800 314 695 or speak with their dedicated CommBank relationship manager.
As part of CBA’s Emergency Assistance, you can discuss a range of options, including:
- Customised payment arrangements for your home loan, credit card or personal loan.
- Waiving fees and charges.
- Temporary overdrafts, additional loans or emergency credit limit increases (subject to credit approval).
- Waiving fees and notice periods for early access to Term Deposits.
- Other individual support options may also be available to you.
- For CommInsure customers, we are able to assist with emergency accommodation if your home has been damaged.
- CBA can also expedite claims to CommInsure for customers seeking help through their home and contents insurance.
To access this support please visit CBA in branch or phone them on 1800 314 695. Further information about their Emergency Assistance is available online.
Read full article here.