01/05/2020
Government has just announced that it will be offering small business interest free & low interest loans to help with small business cashflow.
This will be administered by IRD and available to firms who employ 50 staff or less
Loan Applications open from May 12
The loans are intended to meet business "immediate cashflow need" and to meet their fixed costs.
The most companies can borrow will be $10,000 plus an additional $1,800 for each full-time employee they have
Loans will be interest free if paid back within a year.
After that interest will be charged at 3% per annually for a maximum term of 5 years
Repayments will not be required for the first two years
Eligibility criteria is the same as the wage subsidy
Also available to those that are self employed who will be able to borrow up to $11,800
https://www.beehive.govt.nz/release/government-boosts-cashflow-support-small-businesses
Government offers small firms extra help to get through crisis, saying banks haven't done enough.