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Once again, we are in a Level 4 lockdown. Although we have done this before, some of the financial support has changed since last time round.

Here is a summary of the support options available:

The Wage Subsidy Scheme

This payment is available to businesses to continue paying staff and working owners.

  • Increased slightly from last time to $600 for full time employees and $359 for part-time employees per week and covers a two week period.
    You must meet the revenue decline test.
    Available from 9am tomorrow (Friday 20th August).
  • Applications are open for two weeks (at this stage).

For more information, refer to the Work and Income link below:

https://www.workandincome.govt.nz/covid-19/wage-subsidy/index.html

The Resurgence Support Payment

Businesses that experience a 30% or higher decline in revenue over a 7 day period (due to the increased covid alert level) are eligible.

Amount is lesser of:

  • $1,500 plus $400 per full-time equivalent employee (up to a maximum of 50 employees)
  • four times the actual revenue decline experienced

Applications open 8am Tuesday 24 August. For more refer to the IRD link below:

https://www.ird.govt.nz/covid-19/business-and-organisations/resurgence-support-payment 

Small Business Cash Flow Loan Scheme

Available if not previously applied for, or have received it previously and have fully repaid it.

  • $10,000 loan plus:
  • $1,800 per full time equivalent employee.
  • Must have had at least a 30% drop in revenue due to Covid-19 over a 14 day period compared to the same period last year
  • It is a loan but with interest free then low interest terms.

Leave Support Scheme

This is for businesses to support their workers if they have Covid-19 or must self isolate and cannot work from home.

Paid as a lump sum covering two weeks of $585.50 per week for full time workers and $350 per week for part-time workers, rising to $600 and $359 respectively from 24 August.

For more details, click here:

https://www.workandincome.govt.nz/covid-19/leave-support-scheme/index.html

Short-Term Absence Payment

For employers to pay workers that must stay home while waiting for a Covid-19 Test result. They must be unable to work from home to be eligible. From 24 August, the amount will be $359 per worker.

For more details click here:

Don’t forget we are here to help

We can help with the above applications or assess eligibility for these.

There are also other options that we can advise on to support your business’s cash flow during these times.

Please don’t hesitate to call us or drop us an email.

Email: office@affinityaccounting.co.nz

Phone: 04 974 4455

 

 

 

 

 

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