Business Roller Coaster
The business environment is fairly ‘dynamic’ these days. That means we chose a kind word for: stormy, roller coastery, crazy, up-and-down and bloomin’ unpredictable. We understand that it is hard to plan, but as any good sportsman will tell you, it’s best to be light on your feet and ready for anything. The good news is that there is support about. Of course, the schemes depend on your situation, so we have outlined the COVID-19 financial support schemes available.
Hello Wage Subsidy
The Government is continuing with this scheme with clear criteria. To qualify, your business needs to experience or expect a 40% decline in revenue over a consecutive 14-day period between 28 February and 21 March, compared to a typical 14-day period between 4 January and 14 February 2021 (the 6 weeks before the change in alert levels). This is available to businesses throughout New Zealand.
Support When Levels Change
This one is a beauty as it offers real-time financial support to businesses and organisations when revenue is affected by alert levels changing. The Resurgence Support Payment is available for applicants who have experienced a decrease in revenue or capital-raising ability of at least 30% due to the increase in alert level. This decrease in revenue or capital-raising ability is compared with a typical 7-day revenue period in the 6 weeks prior to the increase to alert level 1. There is some great information and guides to help you work out what you are eligible for.
Testing, Testing, 1, 2, 3 Testing
The Short-term Absence Payment is a helpful one-off payment for employees who are off work waiting for the results of a COVID-19 test. Provided the employee cannot continue to work at home, businesses, including self-employed people, can claim a one-off payment of $350 for each eligible employee. This is another little piece of support to help businesses through.
Leave Support Scheme
The COVID-19 Leave Support Scheme is available for employers, including self-employed people, to help pay their employees who need to self-isolate and can't work from home. This scheme ensures they’ll still receive some income during self-isolation.
Just like the virus, things keep changing. We strongly suggest keeping your eye on all the schemes available. There is help in all sorts of areas:
Small business cash flow loan scheme
Tax and ACC support
Business debt hibernation
Business finance guarantee scheme
Financial support tool
COVID-19 Consumer Travel Reimbursement Scheme
Xero Assistance Programme
Digital Boost
Read more about these schemes here.
If you need help in understanding whether you are eligible or in preparing information, please give us a call; we are here to help! Like any good roller-coaster, we suggest you hang on tight, scream a little if you have to, have a little fun along the way if you can. Even if you are scared you are going to be ok. If you need to chat to someone we are here to listen, we are all ears!