After attending The Chamber of Commerce Webinar this morning, on the Small Business Cashflow Scheme, below are some important points that we would like to share:
* Applications open 12 May 2020 (tomorrow)
* Closing date 12 June 2020 (maybe extended dependent on demand)
* Only Business owners to apply through MyIR account, NOT Tax Agents
* Funds MUST be used ONLY for fixed costs
* Interest free loan for 12 months, thereafter 3% will be charged and back dated from date of application.
* Loan to be repaid within 5 years. Payments are optional for the first 24 months (2 years).
* This is a one off unsecured loan – you cannot reapply if you need more funds later.
* Funds will be deposited into nominated bank accounts within 5 working days after received application.
* This scheme DIFFERS from the Business Finance Guarantee Scheme that the banks are offering.
Please seek financial advice for what scheme best suits your business needs.
For further information on what you need to apply for the SMALL Business Cashflow Scheme view HERE.
Menu
