Commonwealth Bank (CBA) has today announced further measures to support Australian households and small businesses.
- All home loan and small business customers are now eligible to defer loan repayments by up to 6 months, providing up to $10 billion of support for the economy.
- CBA to auto-enrol 76,000 businesses into loan deferral arrangements for up to six months, ensuring immediate support for small businesses likely to be most impacted by the coronavirus.
CBA Chief Executive Officer, Matt Comyn said, “These are unprecedented times, and we will continue to take decisive actions to support households and the small business community. We stand shoulder to shoulder with the Government, the Reserve Bank, our regulators and the banking industry to support the economy at this time.
“We welcome today’s announcement by the Australian Banking Association (ABA), which benefits 200,000 of the bank’s small business customers. The ABA’s package is a significant industry-wide initiative and will provide businesses with the ability to defer payments on their loans to improve cash flow.