Government will provide loans to small businesses, including sole traders and the self-employed, impacted by COVID-19 to support their cash flow needs.

If you've previously applied for a SBCS and have fully repaid it, you can apply again.

Applications are open until 31 December 2023. You can apply through myIR.

The small business cash flow loan scheme will provide assistance of up to a maximum of $100,000 to businesses employing 50 or fewer full-time employees. This includes sole traders and self-employed businesses.

Details of the loans include:

• $10,000 to be provided to eligible businesses
• an additional $1800 per equivalent full-time employee
• interest free if the loan is paid back within two years
• an interest rate of 3% for a maximum term of five years
• repayments not required for the first two years
• you must show at least a 30% drop in revenue due to Covid-19, measured over a 14-day period in the past six months compared with the same 14-day period a year ago. If your revenue from the same period a year ago was also affected by COVID-19, compare the same 14-day period two years ago.
• maximum amount you can borrow depends on the number of full-time and part-time employees.

Use the small business cash flow loan scheme eligibility tool and find out how to apply.

COVID-19: Small business cash flow loan scheme eligibility tool

myIR(external link) — Inland Revenue

If your businesses doesn’t have a myIR account, you will need to create one to apply.

Register a myIR account for a business or organisation(external link) — Inland Revenue

Most applicants will receive their loan payment in full from Inland Revenue within five working days. You don’t have to accept the full loan amount you’re offered, and can decide to take a smaller loan.