Applications for the Small Business Cash Flow Loan Scheme close on the 12th of June.
The Small Business Cash Flow Loan Scheme has been introduced to support businesses and organisations struggling because of loss of actual or predicted revenue as a result of Covid-19.
Government will provide one-off loans to small businesses, including sole traders and the self-employed, impacted by Covid-19 to support their cash flow needs.
The small business cash flow loan scheme will provide assistance of up to $10,000 to businesses employing 50 or fewer full-time employees
Details of the loans include:
- $10,000 to be provided to eligible businesses
- an additional $1,800 per equivalent full-time employee
- interest free if the loan is paid back within a year
- an interest rate of 3% for a maximum term of five years
- repayments not required for the first two years
You must apply for this through your myIR account. See us if you need assistance with this.