covid 19 updatefinancial assistancesmall business

COVID Omicron Financial Assistance

As Omicron infiltrates our community, there have been many updates to the financial assistance that is available

so here we have tried to summarise what is available. Like always, you need to ensure that you meet all of the criteria before applying.

Short-Term Absence Payment (STAP) – this is available to employers and self-employed when there is a requirement to self-isolate due to waiting for a test result. The other consideration is that the employee (or self-employed) is unable to work from home. The rate of payment is a one off $359. There is no GST on this.
For more detail, click here to be taken to the website.

Leave Support Scheme (LSS) – this is available to employers and self-employed when there is a requirement to isolate due to having COVID-19 or being a close contact (ie your household). The criteria is more detailed and the payment is made on a weekly basis. The rates of payment are $600 for a full-time worker and $359 for a part-time worker. There is no GST on this.
For more detail, click here to be taken to the website.

Small Business Cashflow Loan Scheme (SBCS) – this has been opened up for another round of applications with a new criteria basis. This is via the IRD. There is no GST on this.
For more detail, click here to be taken to the IRD website.

IMPORTANT NOTE – there has been no changes to the previous SBCS, meaning that the 2 year interest free period will be up this year at some point (dependent on when the drawdown was first done) plus repayments will need to commence. We expect that the IRD will be in contact with those that have loans to outline when the loan comes off interest free and how to make regular repayments if the loan is not repaid in full.

COVID-19 Support Payment (CSP) – this is similar┬áto the old Resurgence Support Payment however the drop in turnover needs to 40% or more and due to the widespread presence of COVID-19 in the community amongst other things. The criteria has been tweaked to try and be more definitive so again make sure you meet all of the eligibility criteria before applying. GST does apply to this.
For more detail, click here to be taken to the website.

Again, if we can be any assistance please don’t hesitate to contact us and keep safe out there