Jobkeeper payments and loans

Jobkeeper payments and loans

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We all are aware that Covid has hit the businesses across Australia. 
 Govt subsidies such as job keeper and job seeker has helped the businesses survive.
The income that was received was a taxable income.

In lending space, the loans are based on the taxable income and averaged over two years.


However lots of small businesses are struggling to borrow money now based on the fy2021 tax returns as they have received job keeper payments, which is a non acceptable income as per banks. 

This is a serious issue that will cripple the Australian property market by end of 2021.
These businesses need help as they have paid taxes on the the support they receive from govt.The banks should accept the job keeper payment as form of income when assessing the loan application. 

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