Inland Revenue will provide interest-free loans for a year to
small businesses impacted by the COVID-19 economic shock. The Small Business
Cashflow Loan Scheme will provide assistance of up to $100,000 to firms
employing 50 or fewer full-time equivalent employees.
Loans will be interest-free if they are paid back within a year. The interest
rate will be 3% for a maximum term of five years. Repayments are not required
for the first two years. Applications will open on 12 May and be managed by
Inland Revenue.
Click here to read more about the interest
free loans for viable small NZ businesses
Other measures include:
- Flexibility on statutory tax deadlines for taxpayers
- Tax loss continuity rules
- A tax loss carry-back scheme
- Support for commercial tenants and landlords
- Business consulting support (NZTE scheme)
- Extended Wage Subsidy scheme – read more here.
Please ask if you have any questions on these initiatives. To learn more, we have some fact sheets for your information. Read more here