Hello for another week, we hope you and your family are well. Here is the latest edition of our Weekly Digest, read on for all the details and get in touch if you have any questions.
PM Announces COVID-19 Re-Emergence Plan
Prime Minister Jacinda Arden’s speech this week mentioned a COVID-19 re-emergence plan aimed at keeping the coronavirus under control. One key thing the government will do is localise its response in the hopes of avoiding a nationwide lockdown. That means the alert level system we’re used to will be used in a localised fashion to ring-fence any cases, while keeping as much of the economy open and running as possible. You can find her full speech here.
Mentoring Scheme for Small- and Medium-Sized Businesses
On Tuesday, the Economic Development and Small Business Ministers announced a further $40 million for the Regional Business Partner Network, on top of the $15 million invested since March.
The Regional Business Partner Network gives business owners access to advice and resources on business continuity planning, finance and cashflow management, HR issues, and sector-specific concerns amid the COVID-19 crisis. You can find more details in this article from Treasury.
If you’re looking for ways to adapt your business, get in touch with us. We’ll help you take stock and find opportunities to improve.
Connecting Employers with People Looking for Work
If you’re looking for great talent – there’s no better time than right now! With many skilled workers out of a job, you may want to use this time to hire.
If you need help hiring new employees, Work and Income offers free recruitment services. You can advertise jobs for free and easily access work-ready people with skills to suit all kinds of jobs. You can also talk to them about tailoring a recruitment plan to meet your business needs.
Government Loan Applications Extended
The government is offering one-off loans to small businesses employing 50 or fewer full-time employees, sole traders, and self-employed individuals, that have been affected by COVID-19 to support their cashflow needs.
The Small Business Cash Flow Loan Scheme means you can get financial assistance of up to $100,000 and an additional $1800 per equivalent full-time employee. Repayments are not required for the first two years, but if the loan is paid back within a year, there will be no interest.
The government has extended this loan until the end of the year. For those who haven’t applied for this government loan yet, you can check your eligibility here or you can get in touch with us so we can assist you with your application.
Application for Wage Subsidy Extensions are ongoing
Applications for the Wage Subsidy Extension are open until 1 September 2020. This initiative is aimed at supporting employers, including the self-employed, who have been significantly hit by COVID-19. Under this scheme, the wages of your employees will be covered over an 8-week period.
To be eligible for this financial support, your business must have had at least a 40% revenue loss for a continuous 30-day period in the last 40 days before the application. Eligible employers must also reapply for the Wage Subsidy Extension once their 12-week Wage Subsidy has ended. You can read through the guidelines and apply online here. If you have any questions about this government program, contact us.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.