Business Support Update

COVID-19 Business Update – 24 June 2020

Welcome back to our Weekly Digest. Read on for this week’s update.

New Zealand Tightens Border Controls

As of 24 June, there are 11 active COVID-19 cases in New Zealand as more people are arriving from overseas.

Strict border controls are being implemented and people entering New Zealand are required to stay in managed isolation or quarantine for at least 14 days and test negative for the coronavirus before they can go into the community.

Recent developments and the increase in cases shows that even at Alert Level 1 we all still need to be very diligent.

If your business has been hit by the pandemic and you’re looking at ways to adapt, get in touch with us. We’ll help you take stock of where your business is at and identify areas to improve.

Government Loan Applications Extended

The government is providing one-off loans to small businesses, including sole traders and the self-employed, which have been affected by COVID-19 to support their cashflow needs.

Through the Small Business Cash Flow Loan Scheme, you can get financial assistance of up to $100,000. Repayments are not required for the first two years, but if the loan is paid back within a year, there will be no interest.

For those who haven’t applied for this government loan yet, applications have been extended until 24 July 2020. You can check your eligibility here or you can get in touch with us so we can assist you with your application.

Wage Subsidy Extension

The application for the Wage Subsidy Extension opened this month and will be available until 1 September 2020. This initiative is aimed at supporting employers, including 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 today and we’ll talk you through it.

What’s next?

We will keep you posted if anything changes with government and financial support options, but please get in touch if you have any questions.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.