New eligibility for the Small Business Cashflow (Loan) Scheme now in effect
Businesses applying for the Small Business Cashflow (Loan) Scheme SBCS, can now apply using new criteria which took effect on Thursday 28 January 2021.
The changes to criteria cover 4 areas:
- The date that a business or organisation was established.
- The decline in revenue test.
- Employee number test.
- Ability to borrow more than once.
The criteria changes were announced by the Government late last year, to align with the application period which had earlier been extended to the end of 2023.
When announced, it was signalled these changes would take effect early February, but IRD have been able to implement them earlier, so eligible businesses and organisations are able to apply for the loan under the new criteria sooner.
More information about the changes to the eligibility criteria and SBCS in general can be found at https://www.ird.govt.nz/covid-19/business-and-organisations/small-business-cash-flow-loan
