Covid-19, Small business cashflow loan scheme (SBCS)

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.

Loan terms

- $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.


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