Small Business Cash Flow Loan Scheme
To support cash flow needs, government will make available one-off loans to small businesses, including sole traders and the self-employed, impacted by COVID-19.
The small business cash flow loan scheme will provide support of up to $100,000 to businesses employing 50 or less full-time employees.
Details of the loans include:
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$10,000 to be provided to eligible businesses
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An additional $1800 per equivalent full-time employee
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Interest free if the loan is paid back within a year
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An interest rate of 3% for a maximum term of five years
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Repayments not required for the first two years.
For more information and to check eligibility visit the COVID-19: Cash Flow Loans and Support page. Applications via myIR and applications have been extended until 31 December 2020. There is also a calculator to help work out how much may be borrowed. Maximum SCBS Loan Size - Inland Revenue