This is available to small to medium businesses with 50 or fewer full-time employees. This includes sole-traders and self-employed businesses.
The maximum amount you can borrow depend on the number of full-time and part-time employees you have. If you are a business without employees, ie sole trader or self-employed, you can receive a loan of up to $11,800.
- $10,000 to be provided to eligible businesses
- an additional $1,800 per full-time employee equivalent
- interest free if the loans are paid back within a year
- an interest rate of 3% for a maximum term of five (5) years
- repayments not required for the first two (2) years
Applications are open from 12th May to 12th June 2020 and can be made through myIR.
For a full list of detailed criteria,
visit Inland Revenue.
Inland Revenue has a calculator to help you work out how much you may be able to borrow. https://www.ird.govt.nz/covid-... - Inland Revenue
If your business does not have a myIR account you will need to create one, myIR - Inland Revenue
To find out if you are eligible, use the business.govt.nz SBCS eligibility tool.