The Australian Prudential Regulation Authority (APRA) has released a new reporting standard to collect data from financial institutions taking part in the Federal Government’s Coronavirus SME Guarantee Scheme.
Reporting standard ARS 920.0 Australian Government Small and Medium Enterprise (SME) Guarantee Scheme must be completed weekly by all lenders that are approved under the scheme. Under the Coronavirus SME Guarantee Scheme, the Government will provide a guarantee of 50 per cent to small and medium enterprise (SME) lenders for new unsecured loans to be used for working capital1.
APRA’s new reporting standard will support the scheme by providing data to Government on key metrics including number of loans approved, number of loans impaired, and number of guarantee claims made and paid.
Due to the need to provide this data to the Government promptly, APRA has had to eschew its usual consultation process for new reporting standards in this instance.