Small Business Cashflow Scheme
Recently we have had correspondence from the IRD regarding changes to the Small Business Cashflow Scheme (SBCS). This loan is still available to all businesses that require assistance, including those who have not applied previously. The amount that can be borrowed is now up to $20,000, plus $1,800 per full-time equivalent employee (with a maximum of 50 employees). The repayment period remains as 5 years.
All existing loans are interest-free in the first two years, on the condition that the loan is not in default. The interest rate on the remaining loan will be 3% per year from the first day of the third year of the loan period.
If you've previously borrowed the original $10,000 you are now able to draw down an additional $10,000 to top up their existing loan. This additional loan will be interest free for the first 2 years with a total repayment period of 5 years. The additional and original loan will be kept separate with two repayment periods.
Applications remain open until 31 December 2023 through the IRD using your myIR login.
Please do not hesitate to contact us should you need any assistance.
Minimum Wage Increase
Please also note the minimum wage is increasing again on 1st April 2022. The new minimum wage will be $21.20. The training wage also is increasing to $16.96.
Should you need any assistance or should you have any queries, please contact your usual Greenlion advisor.
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