The Small Business Cashflow Scheme (SBCS) was introduced to support small to medium businesses and organisations struggling with a loss of actual revenue due to COVID-19. Applications are still open until 31 December 2023. These loans are interest free for the first two years provided that you do not go into default. The events for default are noted in the SBCS Loan Contract which should have been provided to you by IRD.
If you do not repay in full any amount that you received from the SBCS by the end of the two years since the funds were drawn, you will be charged interest from the date that the funds were drawn not from the end of the two-year interest free period.
A lot of the original SBCS funds drawn have come to the end of the two-year period since these were drawn. If you did received funds from this scheme, please check your payment due dates or you may find that you have two years of accrued interest added to the balance owing.
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