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Changes to the Small Business Cashflow Loans

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The Government launched the Small Business Cashflow Loan Scheme (SBCS) 2020 to assist small-to-medium businesses affected by COVID-19.
 
After the initial launch of the scheme, the Government extended the application period, expanded eligibility for the scheme, and announced further changes around the interest application and easing of restrictions on how the loan can be used.

Changes To The Small Business Cashflow Load Scheme
 
Businesses employing up to 50 full-time staff may apply to the Inland Revenue Department for loans of $10,000 plus $1,800 per employee. The loans:

  • accrue interest at the rate of 3% for a maximum term of five years
  • will not be liable for interest if repaid within two years
  • require no repayments for two years, although voluntary payments can be made at any time.

A new top-up loan will allow firms that have already accessed a loan to draw down an additional $10,000 with a new repayment period of five years, the first two years being interest-free.

DOWNLOAD THE GUIDE TO THE SBCS AND ELIGIBILITY REQUIREMENTS
 

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John and Shelley Bishop 

North Shore Riding for the Disabled is one of 50 RDA Groups across the country. Our previous auditor resigned suddenly and we were left searching for a new firm to handle our work. Errol Burn at Lynch & Associates stepped straight into the situation and we could not be more delighted with the way in which our subsequent audit was managed. Timely, insightful and always available, we could not be more pleased and look forward to a long relationship – indeed, we were more than happy to recommend them to our National Body when their audit was taken to the market.

Tim Lofts, President, North Shore Riding for the Disabled

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