COVID-19 SUPPORT FOR BUSINESSES – UPDATE AUGUST 2021

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Here is some important information our team has gathered regarding what financial support is available for businesses during the current COVID-19 lockdown.

Wage Subsidy

The wage subsidy is designed to help businesses continue paying staff and protecting jobs. A wage subsidy of $600.00 per week for a full-time employee (20 hrs or more) and $359.00 per week for a part-time employee (less than 20hrs) will be available. The wage subsidy is only available to those business that are likely to suffer a 40% reduction in income for the period 17 August to 30 August when compared to 14-day period in the previous six weeks, or if your income is highly seasonal compared to the same season in the previous year

Applications are open from Friday, 20 August from 9am and have to be made through Work and Income here. Applications will be open for two weeks initially and we will post another update if this will be extended.

Resurgence Support Payment

This payment will be available to any business or organisation in New Zealand that experiences at least a 30% drop in revenue or a 30% decline in capital-raising ability over a 7-day period, due to a COVID-19 alert level increase of level 2 or higher.

Applications for this payment will open up next week on Tuesday, 24th August and will be open until one month after a nationwide return to Alert Level 1. You need to apply through Inland Revenue here.

Leave Support Scheme

The leave support payment is a two-week lump sum payment of either $600.00 per week for full-time workers or $359.00 per week for part-time workers who must self-isolate and cannot work from home. The rates apply from Tuesday, 24th August 2021 and applications need to be made through Work and Income here.

Short-Term Absence Payment

This payment is a one-off payment of $359.00 for workers who must miss work due to a COVID-19 test and cannot work from home. This payment can be applied for once per 30 days and the rate applies from Tuesday, 24th August 2021. Applications must be made through Work and Income here.

Small Business Cash Flow Scheme

Small business cash flow loan applications remain open until 31 December 2021. It is designed to help small-medium businesses with cash flow due to loss of revenue during COVID-19.   The money must be used for core business operating costs. More information about eligibility and how to apply can be found here.

If you need any help discussing these options, please contact us via email accounting@ebp.co.nz or Ean directly on ean@ebp.co.nz  or 0274 723 875.

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