Earlier this year the Government – by way of the IRD releases, a “Small Business Cashflow Loan Scheme”, businesses were able to obtain a loan of $10k +$1.8k per employee.
The scheme has been extended and updated with the following details -
- Applications for the loan have now been extended up until 31 December 2023.
- The initial interest free period of 1 year has been extended to 2 years. Repayment before the 2 years results in no interest, but after that date interest will be applied effective from the date the loan was originally drawn down.
- The use of the loan monies has been broadened from operating expenditure to now include it being used for capital expenditure (assets).
To find out more, please follow this link https://www.ird.govt.nz/covid-19/business-and-organisations/small-business-cash-flow-loan