Document ID: chunk:federal_register_of_legislation:C2020C00145:section:5
Version: federal_register_of_legislation:C2020C00145
Segment Type: section
Provision Reference: s 5
Character Range: 4651–5534

5  Loan guarantees by the Commonwealth
 (1) The Minister may, on behalf of the Commonwealth, grant a guarantee to a financial institution in connection with loans made, or to be made, by the financial institution to SME entities.
 (2) The Minister must not grant a guarantee unless:
 (a) the Minister is satisfied that granting the guarantee is likely to assist in dealing with the economic impacts of the Coronavirus known as COVID‑19; and
 (b) the guarantee is in connection with loans made, or to be made, by a financial institution that is a constitutional corporation.
 (3) The grant of a guarantee must be in accordance with any requirements prescribed by the legislative rules.
 (4) For the purposes of the application of this section to a loan made by a financial institution, it is immaterial whether the loan was made before, at or after the commencement of this section.