Australian banks announced today (20 March) that they will help small businesses affected by COVID-19 to get through the current crisis.

A relief package announced by the Australian Banking Association will defer repayments for six months on small business loans.

Banks are already reaching out to customers to offer assistance and the relief package will start rolling out in full on Monday, 23 March.

Any small business who has not already been contacted should contact their bank to apply.

Read the full Australian Banking Association media release here.