Small Business Cashflow Loan Scheme
The Finance and Revenue Minister's made an announcement on Friday 1 May that the government 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 a loan of $10,000, plus $1800 per equivalent full time employee to every eligible business up to $100,000. The scheme is available to firms employing 50 or fewer full-time equivalent employees.
Loans will be interest-free if they are paid back within a year or subject to an interest rate of 3% for a maximum term of five years. Repayments are not required for the first two years.
Applications are expected to be open on 12 May and be managed by Inland Revenue.
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