Help with applying for the small business cashflow loan from IRD
Updated: May 14, 2020
Small Business Cashflow Loan
One-off government loans are available for businesses impacted by Covid-19. You can apply for them now online using your MYIR login.
To be eligible for the loan you need to:
have applied for and received the Wage Subsidy grant.
go through a process to ensure that the business is viable, for example completing a forecast.
Have fewer than 50 employees.
Loan terms and amounts:
$10,000 to be provided to eligible businesses
an additional $1800 per full-time employee equivalent
interest free if the loans are paid back within a year
an interest rate of 3% for a maximum term of five years
repayments not required for the first two years.
We had hoped to be able to apply for the loans on behalf of clients, but we've been informed that clients need to apply for it themselves. To help you with the process we have put together an instruction video to which walks you through the application process.
Click here to watch a recording on how to deal with the loan once you receive it in your Xero file.
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