COVID-19 Business Support
Has your business been affected by covid-19?
Did you know Government support is available to eligible businesses, to help business owners overcome the challenges thrown at them by the pandemic?
Government business support
IRD has a number of new measures in place, designed to help businesses and their employees deal with the COVID-19 outbreak. Their focus is on helping customers understand the tax implications of these changes.
The Wage Subsidy Scheme (WSS) which is available nationally when there is a regional or national move to Alert Levels 3 and 4 for a period of seven days and helps eligible businesses keep paying staff and protect jobs.
The WSS rates have been increased to reflect the increase in wage costs since the scheme was first used in March 2020. Businesses will be eligible for $600 per week per full-time equivalent employee, and $359 per week per part-time employee.
- Applications for the initial two-week Wage Subsidy August 2021, which opened on 20 August 2021, close at 11.59pm on Thursday 2 September 2021.
- Applications for a second round of Wage Subsidy – to be known as Wage Subsidy August 2021 #2 – open at 9.00am on Friday 3 September.
The Resurgence Support Payment (RSP) is a payment to help support businesses or organisations with one-off costs due to a COVID-19 alert level increase to level 2 or higher. This is available to eligible firms at the same time as the WSS.
When the RSP is activated, eligible businesses and organisations can apply to receive the lesser of:
- $1,500 plus $400 per full-time equivalent (FTE) employee, up to a maximum of 50 FTEs
- four times (4x) the actual revenue decline experienced by the applicant.
The COVID-19 Short-Term Absence Payment (STAP) is available for businesses, including self-employed people, to help pay their workers who cannot work from home while they wait for a COVID-19 test result.
It’s to help businesses keep paying eligible workers who:
- cannot work from home, and
- need to miss work to stay home while waiting for a COVID-19 test result (in line with public health guidance).
The COVID-19 Leave Support Scheme (LSS) 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 means your workers:
- can’t come into work because they are in one of the affected groups and have been told to self-isolate, and
- can’t work from home.
If you employ 50 or fewer staff, you may be able to apply for the Small Business Cashflow Loan Scheme. This is a one-off 5 year loan.
You can borrow a maximum of $10,000 plus $1,800 per full-time-equivalent employee within your business.
- When applying for the loan, you need to be able to declare that your business is viable.
- Your business must have experienced a minimum 30% decline in actual or predicted revenue over the period of a month, compared with the same month last year. You can use the Revenue Estimator Tool to better understand your revenue.
- Applications are open until December 31, 2023 through myIR. If your business does not have a myIR account, you will need to create one to apply.
Loans will be interest free if they are paid back within two years. The interest rate is 3% for a maximum term of five years.
Chamber support services
Business Mentors New Zealand
Accessing the help of a business mentor is a great way to get ongoing support as you work through the challenges that COVID-19 throws your way.
We facilitator local mentors with local mentees as part of Business Mentors New Zealand. Our awesome mentors can provide ears and eyes across your business, to help steer you in the right direction and provide a valuable sounding board in tough times.
Mentors volunteer their time, but a registration fee is required to cover some operational costs of the programme. Once registration is received, you will be matched with a mentor that best suits your needs.
News & Updates
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