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COVID-19: Business support FAQs
 

Our COVID-19 support packages

Bank of Melbourne has a dedicated COVID-19 Supporting our business customers page featuring information that’s continually updated. Further information, including details of the support for businesses provided by Bank of Melbourne and the Australian Federal and State Governments, can be found in our support guide.

JobKeeper payment scheme

Until 28 March 2021, the Government was offering emergency relief and financial assistance to help employers during this difficult time, including the JobKeeper Payment scheme. Under the scheme, you may have been able to claim a fortnightly payment per eligible employee.

The JobKeeper Payment scheme concluded on 28 March 2021.

The Government’s website contains information, including whether you were eligible to claim these payments#.

If you were eligible, you were enrolled and were participating in the JobKeeper Payment scheme - Extension 2 with the Australian Taxation Office (ATO), we may have been able to help you through this challenging time by providing access to temporary funding whilst you awaited the JobKeeper payments.

Business loans and business credit card repayment deferrals

All business loans and business credit card repayment deferrals end by 31 March 2021.

  • For business loan/s: After the deferred payment period is over, you’ll recommence making repayments on the new balance of your loan using the payment process you had originally nominated such as direct debit. The loan term will also be extended by at least six months to account for the higher loan balance.
  • For business credit card/s: After the deferred repayment period is over, your monthly statements will again request the usual Minimum Monthly Repayment amounts and your purchase and cash interest rates will revert to the previous rates that were in place for your credit card account before your repayment deferral period began.   

Alternatives to banking in branch

If you can’t get to your bank, or your Bank of Melbourne branch closes temporarily due to COVID-19, you can use online banking as an alternative for a range of banking services that could help keep your business running. Opening bank accounts, applying for loans, making and receiving payments and transferring funds between accounts can now all be done online – subject to the relevant eligibility criteria for each of these features1.

Contacting us and staying in touch

You can access the latest information on our COVID-19: Customer Support page or by visiting the Bank of Melbourne Facebook page.


 

Supporting our business customers

We have introduced a number of measures to help our business customers manage the impacts of COVID-19.
 


 

Getting back into business

Tips and tools to help keep your business running during crisis.
 


 

 

The Detail

# The JobKeeper program was a Federal Government initiative and we provide a link to the external site for your convenience. This information is provided for general information only. Please read the Government’s fact sheet to see if you were eligible and for terms and conditions that applied. You should consider seeking independent legal, financial, taxation or other advice on how the Federal Government initiatives relate to your circumstances.

1. Terms and Conditions, Credit and Eligibility Criteria apply.