IRD advising on SBCS loan interest reminder and repayment notifications
- For customers who took out the Small Business Cashflow Scheme (SBCS) loan when it first became available in May 2020, their 2-year interest-free period and subsequent repayment period is fast approaching.
- Customers will receive an SMS or myIR web message reminder 7 days before their 2-year loan anniversary date. These start from 5 May 2022. Interest reminder letters and payment plans will be sent to tax agents/intermediaries if the mail redirect is on. Otherwise, these will be sent directly to you. These communications will publish to myIR or be sent by paper where there is no web logon.
- Payment plans will be sent on their 2-year loan date via myIR, from 12 May 2022.
- Customers can change their payment dates or amounts by contacting us in myIR prior to their first scheduled repayment to discuss options. Tax agents/intermediaries can do this on their clients’ behalf if they are linked. IR will make contact with the authorised borrower to confirm the arrangement amendments.