The deadline was previously extended to July 24, but in a speech today, Jacinda Ardern said the scheme will now run until the end of 2020.
The Government has received 90,000 applications so far - and have paid out over $1.5 billion in loans.
Minster for small business Stuart Nash told The Weekend Collective it will help businesses going through hard times.
"It's an interest-free loan if you pay it back in your first year, but you have got five years to pay it back, and you don't have to start paying it back for two years.
"But this is in a sense to help people with their working capital requirements."
Herald Business reporter Liam Dann says small businesses play a key role in the recovery.
"We have to give the small business people enough support to shift their businesses towards where they are seeing opportunity."
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