The Inland Revenue Small Business Cashflow Scheme (SBCS) was announced to support struggling small and medium businesses with a loss of actual revenue because of COVID-19. This scheme has now been running for 2 years. This means depending on the date you withdrew the loan, the 2 year interest free period is now finished.  

Inland Revenue will communicate a payment schedule, one month prior to your due date. Interest will be charged from the first day of the third year of the loan. It will be charged at an annual interest rate of 3%.

If the loan is repaid in full within the first 2 years, no interest will be charged. In the case of a default on your loan, it may become immediately due. It may also incur default interest and penalties.

If you haven’t received your repayment schedule, or you don’t know when your repayment due date is please get in contact with us.