COVID-19 government loan applications will soon be closed. Loans of up to $100,000 are still available for eligible businesses to help with cash flow. Nearly $1 billion in support has already gone out to small businesses, including contractors and the self-employed.
Organisations and small to medium businesses, including sole traders and the self-employed, may be eligible for a one-off loan with a term of 5 years if they have been adversely affected by COVID-19.
The Small Business Cashflow (Loan) Scheme (SBCS) has been introduced to support businesses and organisations struggling because of loss of actual or predicted revenue as a result of COVID-19. They must have 50 or fewer full-time-equivalent employees.
Eligible businesses and organisations are entitled to a one-off loan. The maximum amount loaned is $10,000 plus $1,800 per full-time-equivalent employee.
The annual interest rate will be 3% beginning from the date of the loan being provided. Interest will not be charged if the loan is fully paid back within one year.
For more information visit ird.govt.nz/covid-19/small-business-cash-flow-loan
