Government loan scheme now open
Inland Revenue will provide interest-free loans for a year to small businesses impacted by the COVID-19 economic shock.
The Small Business Cashflow Loan Scheme will provide assistance of up to $100,000 to firms employing 50 or fewer full-time equivalent employees.
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. Repayments are not required for the first two years.
The maximum amount you can borrow depends 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.
If your business does not meet the above criteria, but has a viable future, please contact DWC as we may be able to provide assistance.
More information from IRD: https://www.ird.govt.nz/covid-19/business-and-organisations/small-business-cash-flow-loan