Column by Dave Saunders of Aro Advisors Ltd.
Are you planning on applying for the Small Business Cashflow Loan from the Government?
The details on the criteria of these loans and how the application process will work still haven’t been released. However, what has been released is where you can apply for them: via IRD’s myIR platform.
Given the favourable interest rate and repayment terms, we expect that there will be a fair bit of interest in these loans. IRD’s platform was not built for a massive rush of people setting up accounts, so there may be a few issues getting a myIR login once the loans go live. Which is why we suggest that if you are considering applying, get yourself a myIR login for your business ASAP.
We have put together a little video clip with step by step instructions to make it as easy as. You can see it here: https://www.aroadvisers.com/watch
If you want to find out more about the cashflow loans, IRD have setup a page on their website. You can access it here: https://www.ird.govt.nz/covid-19/business-and-organisations/covid-19-small-business-cashflow-scheme.