The Finance Minster's reminding small businesses cashflow support loans need to be paid back
The Finance Minster's reminding small businesses cashflow support loans need to be paid back
4 May 2020
The government's interest-free loans for firms with 50 or fewer full-time equivalent staff are interest free for the first year - but have to be paid back within five.
Minister Grant Robertson says if it's not paid back in that period - it'll be recognized as being defaulted on.
He says there's no plans to forgive any loans that aren't repaid in that period.
Robertson says most people recognise it's a loan, and not a handout - and the IRD are good at tracking people down anyway.
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