The maximum size of the loan you can get depends on the number of full-time-equivalent employees calculated from the original wage subsidy funding. It is $10,000 plus $1,800 per full-time-equivalent employee. The maximum loan is $100,000. Sole traders can receive a loan of up to $11,800.
You have the option to accept the full loan amount offered or a smaller loan. You can only make one loan application and no amendments can be made after the loan has been applied for.
To determine the number of full-time-equivalent employees - we will divide the original wage subsidy amount (that you received or would have received if you applied for the original wage subsidy for all your employees) by $7,029.60 - the original wage subsidy received for one full time employee. The result will be rounded up to the nearest full-time-equivalent employee.
Example: Scott's Signage
Scott's Signage had 8 full-time and 4 part-time employees and would have received $73,036.80 in wage subsidies.
For the purposes of the maximum loan size, Scott's Signage is considered to have 11 full-time-equivalent employees.
$73,036.80 divided by $7,029.60 is 10.4 - rounded up to 11.
Use this calculator to work out how much you could borrow under the Small Business Cashflow Loan Scheme.Go to this tool