If your business has been negatively affected by COVID-19 and you could do with some extra cash to get you through the next few months, make sure you apply for the Government’s Small Business Cash Flow Loan Scheme (SBCS) before the 12th of June.
Providing access to interest-free loans for a year, this scheme helps to support small businesses impacted by the economic shock of COVID-19 to get back on their feet. A business can receive assistance of up to $100,000 if they employ 50 or fewer full time employees – this is made up of $10,000 per business and an additional $1,800 per full time employee.
If the loan is paid back within 12 months, it’s completely interest-free, and if it’s paid off within a maximum of 5 years, the interest rate will be 3%. Repayments won’t be compulsory for the first two years.
If you qualified for the Wage Subsidy Scheme, you could also be eligible for this scheme, you’ll just need to provide a declaration that your business is still viable and the money will be used for business operating costs. The payment will be made within five days once the loan has been approved.
With this loan scheme, there’s also up to $11,800 for you to borrow if you’re self-employed or a sole trader.
Want to know more? Not sure if your business qualifies? Get in touch with our expert accounting team today for a chat!