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. The interest rate will remain at 3% per year on the loan balance from the first day of the loan’s third year.


Small Business Cashflow Scheme

 

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 you can borrow is $100,000 plus $10,000 top-up. This equates to a $20,000 top up in total and $1,800 per full-time-equivalent (FTE) employee.


Top-up loan

 

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.


Are you eligible?

 

To be eligible, your business must have 50 or fewer FTE employees and have been operating for a minimum of six months. Your business must have experienced at least a 30% revenue drop over two weeks and present evidence that the business is viable, and you must have a plan for how the business will remain viable during the period of the loan. Check out our quick video showing you how to calculate the 30% drop in revenue test https://www.youtube.com/watch?v=DLdFpPhMkhw.


*Just a note – 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 have lost revenue because of COVID-19. Grab this opportunity with open arms 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 it all sorted!


Your Outside Team


Contact 

Wellington Accountants | 

Business Accountants | 

Construction Accountants 

Property Accountants 

Contractor Accountants 

Hospitality Accountants |

Property Developer Accountants | Accountants Wellington | Wellington Accountant | Restaurant Accountants | Cafe Accountants

AddressLevel 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand 

Mail: PO Box 24-457, Wellington 6142

Phone04 889 2975

New Zealand Accounting, Bookkeeping & Property Business Consultancy Services | Wellington & Lower Hutt Xero Property Accountants Business coach business consultation business adviser

Business Accountants: Exploring Business Structures: How to Choose the Right One for Your Venture

Embarking on the journey of entrepreneurship is exhilarating, but establishing the right business structure can be a daunting task. Whether you’re a solo entrepreneur or part of a larger team, understanding the different business structures and making the right choice is crucial for your long-term success. This guide aims to demystify the process and help you navigate the intricate world of business entities.

Read More »
New Zealand Accounting, Bookkeeping & Property Business Consultancy Services | Wellington & Lower Hutt Xero Property Accountants Business coach business consultation business adviser

Business Accountants: Optimising Your Business for Recession Resilience: Strategies for 2024

In the face of economic challenges, understanding how to recession-proof your business becomes paramount. A recession, marked by prolonged weak or negative growth in real GDP and heightened unemployment, demands strategic planning to weather the storm and emerge stronger on the other side. To fortify your business for the uncertainties ahead, consider the following comprehensive guide.

Read More »

Wellington Accountants | 

Business Accountants | 

Construction Accountants 

Property Accountants | 

Contractor Accountants | 

Hospitality Accountants | Small Business Accountant | Accounting for your Business | Bookkeeping for Small Businesses | Small Business Accounting | small business accounting |