Small and medium-sized businesses will be able to access the Recovery Loan Scheme for another six months.

Eligible businesses will be are able to borrow up to $5 million and the government will guarantee 50 per cent, down from 80 per cent.

Treasurer Josh Frydenberg told Chris Smith 80,000 loans have been approved, worth more than $7 billion.

“It’s not free money, they have to pay it back … but it’s enabling them to back themselves.”

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