Has your business been affected by COVID-19? Do you know
about the Small Business Cashflow Scheme? Here’s a quick summary:
There are some welcome changes to the Small Business
Cashflow Loans Scheme (SBCS). Firstly, the funding amount available to
qualified businesses through a top-up loan has been increased, allowing them to
draw down an extra $10,000 with a new repayment period of five years and interest-free
first two years. Of course, the loan must not be in default. The interest rate will
remain at 3% per year on the loan balance from the first day of the loan’s
third year. The first two years of accrued base interest from borrowers who
have or will take out a loan under this scheme will also be removed.
Businesses hit by COVID-19 lockdowns can apply for the Small
Business Cashflow Scheme for a loan until 31 December 2023. The loan size
depends on the business size but currently, the maximum amount they can borrow
is $100,000 plus the $10,000 top-up and $1,800 per full-time-equivalent (FTE)
employee.
The top-up loan can be drawn down as a lump sum or up to
four small instalments before 31 December 2023. The borrower will have two
separate loans with their own 5-year term and a 2-year interest-free period.
To be eligible, a business must have 50 or fewer FTE employees
and have been operating for a minimum of six months. The business must have
experienced at least a 30% of revenue drop over two weeks and present evidence
that the business is viable. The loan can be used on any operating costs such
as utilities, rent, insurance, rates and supplier payments.
The SBCS aims to support small to medium businesses and
organisations that lost actual revenue because of COVID-19. Grab this
opportunity to get low-cost funding for your business recovery and growth.
If you need help with applying for the SBCS, just holler and
we can give you a hand. Flick us a message or give us a buzz and let’s get itall sorted!
Your Outside Team
Our Business Clients
Cam recently caught up with Grant Douglas, owner of Makers Fabrication, to get his perspective on a few things. If you want to chew the fat with Grant further – get in touch and we’ll set it up.
Besides being pretty all-round top blokes, Matt and AJ are bloody screwed on when it comes to growing their business and smashing their goals.
Flick us an email or give us a buzz!
Outside Accounting
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011 New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975
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If you run a business in Wellington, it’s time to double-check that your payroll systems are up to date. As of 1 April 2025, the minimum wage in New Zealand has increased, and failing to adjust your systems could lead to non-compliance and financial penalties.
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