Latest news with #SmallBusinessCashflow
NZ Herald
6 days ago
- Business
- NZ Herald
Former Auckland accountant Howard Taylor gets community detention for $94k Covid loan fraud
Former Auckland accountant Howard Kane Taylor has been sentenced for fraudulently receiving almost $95,000 in Covid support. Photo / 123RF Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech. Access to Herald Premium articles require a Premium subscription. Subscribe now to listen. Former Auckland accountant Howard Taylor gets community detention for $94k Covid loan fraud Former Auckland accountant Howard Kane Taylor has been sentenced for fraudulently receiving almost $95,000 in Covid support. Photo / 123RF A former Auckland chartered accountant has been given community detention after fraudulently pocketing almost $95,000 through the Small Business Cashflow loan scheme. Howard Kane Taylor was sentenced in the Auckland District Court last week after admitting eight charges earlier this year, days before his trial was due to start. Between May 28, 2020, and June 29, 2020, Taylor made eight Small Business Cashflow (SBC) loan applications each requesting an amount of $11,800 for various businesses totalling $94,400. The scheme was introduced in April 2020 to help small businesses during the Covid-19 pandemic. But Inland Revenue began an investigation in August 2020 and found none of the money was paid into the accounts of the companies Taylor had made applications for.
Scoop
6 days ago
- Business
- Scoop
Former Tax Agent Sentenced For COVID Relief Fraud
Press Release – Inland Revenue Department A former Auckland chartered accountant was sentenced to community detention for fraudulently using the Small Business Cashflow (SBC) loan scheme to get nearly $95,000 for himself. Howard Kane Taylor was sentenced in the Auckland District court on 11 July. He pleaded guilty to the 8 charges just days before his trial was due to start earlier this year. Taylor chose to abuse the scheme and benefit off the taxpayer during the COVID 19 pandemic, a time of significant stress and uncertainty for people and their businesses. In April 2020, the Small Business Cashflow Loan scheme was introduced to help small businesses during the Covid-19 pandemic. It was designed to help those most in need during an unprecedented time of stress. Between 28 May 2020 and 29 June 2020, Taylor made eight SBC loan applications each requesting an amount of $11,800 for various businesses – a total of $94,400. In August 2020 IR began an investigation and found none of the money was paid into the accounts of the companies he had made the applications for. The money went into Taylor's accounts. All of the SBC loans have been repaid to IR. Taylor was a registered Tax Agent with Inland Revenue at the time of the offending but was removed from the list of tax agents by IR in November 2022. He was sentenced to six months community detention and ordered to complete 120 hours of community work. The judge allowed discounts on his sentence for his charity work, repaying the loans and because of his poor health.
Scoop
6 days ago
- Business
- Scoop
Former Tax Agent Sentenced For COVID Relief Fraud
A former Auckland chartered accountant was sentenced to community detention for fraudulently using the Small Business Cashflow (SBC) loan scheme to get nearly $95,000 for himself. Howard Kane Taylor was sentenced in the Auckland District court on 11 July. He pleaded guilty to the 8 charges just days before his trial was due to start earlier this year. Taylor chose to abuse the scheme and benefit off the taxpayer during the COVID 19 pandemic, a time of significant stress and uncertainty for people and their businesses. In April 2020, the Small Business Cashflow Loan scheme was introduced to help small businesses during the Covid-19 pandemic. It was designed to help those most in need during an unprecedented time of stress. Between 28 May 2020 and 29 June 2020, Taylor made eight SBC loan applications each requesting an amount of $11,800 for various businesses – a total of $94,400. In August 2020 IR began an investigation and found none of the money was paid into the accounts of the companies he had made the applications for. The money went into Taylor's accounts. All of the SBC loans have been repaid to IR. Taylor was a registered Tax Agent with Inland Revenue at the time of the offending but was removed from the list of tax agents by IR in November 2022. He was sentenced to six months community detention and ordered to complete 120 hours of community work. The judge allowed discounts on his sentence for his charity work, repaying the loans and because of his poor health.
Scoop
12-05-2025
- Business
- Scoop
Fifth Anniversary Of The SBC Loans
Press Release – Inland Revenue Today (May 12) marks the fifth anniversary of the Small Business Cashflow (Loan) Scheme, and the point where loans should be paid off. The loan was made available to business owners from 12 May 2020 to help small to medium businesses affected by … Today (May 12) marks the fifth anniversary of the Small Business Cashflow (Loan) Scheme, and the point where loans should be paid off. The loan was made available to business owners from 12 May 2020 to help small to medium businesses affected by the COVID-19 pandemic. More than 129,000 businesses were issued loans totalling $2.4 billion. The average amount approved was $17,000. Most loans were taken out in the first few months of the scheme (May and June of 2020), with a 5-year repayment period. Many are now reaching their cut off point. From next month, Inland Revenue will default a loan if it has not been paid off. Default interest (calculated based on use of money interest of 10.88% plus standard interest rate of 3%) will be charged. As of 30 April 2025, 64,000 people had repaid their loan in full, with a total loan balance of $853 million still owing. Approx 14,300 customer's loans are in default, owing just over $242 million. IR is actively taking steps to recover these defaulted loans. IR is also alerting customers who are behind on their repayment plan and remind them that repayment is needed. Since February this year we've tried to contact more than 1,500 customers who have defaulted loans and tax debt. As a result, we've recovered almost $10 million of SBC and tax debt from these customers. Almost 20% have entered into an arrangement to pay the debt; 30% had a deduction notice placed on their debt to collect it directly from their bank account and 33% have made lump sum payments. We are also reiterating that there are consequences, such as default interest being added to the balance and legal action, if the loan remains unpaid. Customers can also check their loan balance, repayment plan and make payments in their myIR. For any changes to a repayment plan or any changes in circumstances, customers can also contact IR through the secure channel in their myIR account to discuss options.
1News
12-05-2025
- Business
- 1News
Inland Revenue chasing more than $853m in small business loans
Inland Revenue is still chasing more than $850 million from small to medium businesses — five years on from the start of the Small Business Cashflow scheme. More than 129,000 businesses were issued loans totalling $2.4 billion five years ago when the loan was made available on May 12, 2020, to small to medium businesses affected by the Covid-19 pandemic. The average loan amount approved was $17,000. Most loans were taken out in the first few months of the scheme with a five-year repayment period, meaning many were now reaching their cut off point. As of April 30, 2025, however, just 64,000 people had repaid the loan in full, with a total loan balance of $853 million still owing. From next month, Inland Revenue would default a loan if it had not been paid off. Default interest, which was calculated based on use of money interest of 10.88% plus standard interest rate of 3%, would be charged. Around 14,300 customer's loans were in default, owing just over $242 million. Customers behind on their repayment plan would be alerted by Inland Revenue and reminded that repayment was required. Since February, Inland Revenue had attempted to contact more than 1500 customers who had defaulted loans and tax debt. Close to $10 million of SBC and tax debt had been recovered as a result.
