Lawyer exposes major problem in Trad’s $4b rescue package

 

BRISBANE legal eagle Nicole Murdoch has slammed the State Government over what she maintains is a major problem with last week's $4 billion rescue package for struggling businesses.

Treasurer Jackie Trad said $500 million had been set aside to provide interest-free loans of up to $250,000 to firms doing it tough.

But Murdoch complained yesterday that only businesses operating since July 1, 2017 are eligible.

"There is no reason this exception should apply and those businesses established since July 2017 are equally hit by the business collapses due to coronavirus restrictions. Why has the state abandoned the staff members of those businesses?" the Eaglegate Lawyers boss asked.

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Brisbane legal eagle Nicole Murdoch.
Brisbane legal eagle Nicole Murdoch.

"The State Government should not be choosing who should go under and who should survive, which is effectively what it's doing with this loan exclusion.

"Newer businesses are more vulnerable as they have not had as much time to establish, so many of them will go under because the government does not extend the help to them that's it's offering to others.''

 

 

 

Murdoch, who launched her business in late 2018 and now has two full-time employees and a casual, is directly impacted by the policy.

Trad defended the cut-off date yesterday as a way to "ensure businesses have the capacity to repay loans when normal business conditions return''.

She said that businesses which have merged, renamed or otherwise changed but can still demonstrate a continuous trading history will still be able to apply for a loan.

 

 

 

Trad also highlighted other policies designed to cushion the economy, including payroll tax relief in the form of a two-month refund and three-month holiday.

"Already payroll tax refunds have been paid to almost 4000 business collectively worth more than $155 million in the last week, including businesses with less than three years trading history,'' she said.

Originally published as Lawyer exposes major problem in Trad's $4b rescue package



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