The Government has announced that the Small Business Cashflow Loan Scheme has been extended to the 31st December 2020 and can provide assistance of up to $100,000 to business’s employing 50 or fewer full time equivalent employees.
The scheme is in the way of a loan from the government and will provide $10,000 to every firm and $1800 per equivalent full time employee. Loans will be interest free if they are paid back within a year. The interest rate will be 3% for a maximum term of five years. A payment holiday is available for the first two years.
All criteria must be met to be eligible for this loan and the terms and conditions are clearly available on the IR website.
You apply for the loan online via your businesses MyIR portal on the IR website. If you don’t have a log in, you can register online.
Call the team to talk about your options.