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The small business cashflow (loan) scheme New Zealand - Giles & Liew Chartered Accountants

The Small Business Cash Flow (Loan) Scheme

May 12, 2020

The Small Business Cash Flow (Loan) Scheme

Extra funding administered by the IRD is now available for businesses with 50 or fewer full-time equivalent employees who are struggling because of a loss of actual or predicted revenue as a result of COVID-19.  This scheme makes a one-off loan available to eligible businesses, a welcome helping hand to those businesses that need it.

The Small Business Cash Flow (Loan) Scheme (SBCS) provides for a maximum loan of $10,000 plus $1,800 per full-time equivalent employee to be taken out interest-free if the loan is paid back in full within one year.  If the loan is not paid back within the year, annual interest is incurred at a rate of 3% from the beginning date of the loan being provided.

This scheme is open for applications for one month only, from the 12th of May 2020 to the 12th of June 2020 inclusive.  Should you feel that this is an option you would like to explore, our advice is to talk to us first as there are a variety of conditions associated with lodging such an application and we stress the point that unlike the Wage Subsidy, this is a loan and must be paid back.  An analysis of your business performance, including a cash flow projection, may be warranted before embarking upon such funding options.


About Kylie Liew

Avatar photoKylie is Managing Director and Qualifying Principal of Giles & Liew Chartered Accountants. Her combined experience in Accounting and Business Advisory, together with leadership of business transformation projects and the development of the firm's Digital Transformation services makes her well-placed to help New Zealand businesses grow and succeed in today's ever changing digital business environment. Kylie understands the complexities of business ownership in New Zealand and works with clients to formulate business strategies to help them achieve sustainable growth.

Digital disruption of the Accounting industry presents a unique opportunity to redefine the role of the Business Advisor.  Kylie is committed to exploring innovative ways to achieve growth and create success. She helps clients turn their vision into real value.

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