Nearly one billion dollars is still owed as the deadline for Covid-era loans approaches.

Inland Revenue says many Small Business Cashflow loans will default in June if not paid off.

About 130,000 businesses were issued the loans, totalling $2.4 billion.

ABC Business Sales Managing Director Chris Small told Mike Hosking he's not surprised so many owners haven't paid it back yet.

He says there were no personal guarantees or general security agreements, so it was a free hit for business owners.

LISTEN ABOVE

See omnystudio.com/listener for privacy information.

St. Paul High School in Concordia, Missouri