COVID Support Payment
- Each payment is $4,000 per business plus $400 per full time employee, capped at 50 FTEs or $24,000. This is the same rate as the most recent Transition Payment.
- Applications for the first payment open on February 28, with payments starting from March 1.
- The payment will be available on a fortnightly basis for 6 weeks, with 3 payments in total. The payment may be extended if the peak of the Omicron outbreak is prolonged.
- Businesses must show a 40% drop in 7 consecutive days within the 6 weeks prior to February 15 (shift to phase 2 of Omicron response), compared to 7 days after that date.
Small Business Cashflow Loans Scheme
- Amount of funding available to eligible businesses has increased through a ‘top up’ loan.
- Businesses who have already accessed a loan can now withdraw an additional $10,000
- The new repayment period is 5 years with the first 2 years being interest free.
Tax payments
Any businesses struggling to pay tax because of the impacts of COVID-19 should log onto the Inland Revenue website to see if starting payments can be delayed, or if any part of the tax could be written off.
To read the Government’s full announcement, click here.
Feel free to circulate this email to anyone who may find it useful. If you need any assistance or clarification on the information above, please contact your Kendons advisor or email us at info@kendons.co.nz. We are here to support you.