COVID-19 Cashflow scheme

The Small Business Cashflow Scheme (SBCS) is still available for small businesses who are struggling with a loss of actual revenue due to the effects of Covid-19. The SBCS has been extended until 31 December 2023.

You may be eligible to receive a one-off loan if you employ 50 or less fulltime employees. The maximum amount loaned is $10,000 plus $1,800 per fulltime employee. 

There is an annual interest rate of 3% charged from the date the loan is provided however, if the loan is paid back in full within two years, then no interest will be charged. The 3% interest rate is for a maximum term of five years. 

You must have been in business on 1 April 2020 to be eligible and have experienced a 30% decline in revenue as a result of COVID-19.

Administered via the Inland Revenue, your business could be eligible for this loan scheme. The full eligibility criteria that need to be met for this scheme and the repayment structures that are in place are set out if full on the Inland Revenue website.

Find out more about the SBCS below, and feel free to reach out to us to discuss if this might be right for your business. 

https://www.ird.govt.nz/covid-19/business-and-organisations/sbcs