The Government recently announced some changes to the Small Business Cashflow (Loan) Scheme.
- The interest free period has increased from 1 year to 2 years.
However, it is key to note the interest free period is only applicable if the loan is repaid within the 2 years. If repaid after this 2 year period interest will be charged at 3% from the start of the loan drawdown.
- You now have until 31 December 2023 to apply for the loan (if you haven't already).
- Restrictions on how the loan can be used have eased. As well spending on core operating costs, businesses will be able to choose to use the loan to invest in their business, helping it to adapt to the impact of COVID-19.
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