Upcoming Repayment Deadlines for Small Business Cashflow Loans
As we progress through 2025, it's crucial for businesses that utilised the Small Business Cashflow (SBC) Loan Scheme during the COVID-19 pandemic to be aware of their repayment obligations.
Most SBC loans, initiated around May and June 2020, are approaching their five-year repayment term, with many due by mid-2025.
What You Need to Know:
Loan Term: The SBC loan has a five-year term.
Interest Rates: The first two years were interest-free, followed by a 3% annual interest rate.
Default Consequences: Failure to repay by the due date may result in default interest of 13.88% and potential legal action.
Take Action:
Check Your Loan Details: Log in to your myIR account to view your loan balance and repayment schedule.
Set Up a Repayment Plan: If you're unable to repay in full, contact Inland Revenue to establish a repayment plan, which maintains the 3% interest rate or get in touch with us to setup the payment plan.
Avoid Default: Ensure timely repayments to prevent default interest and legal complications.
Need Assistance?
At Kinghans Limited, we're here to support you through this process. If you're uncertain about your repayment schedule or need assistance setting up a plan, don't hesitate to reach out.