Yesterday the Government announced its business support package, noting it is one of the largest packages in the world on a per capita basis.
The $12.1 billion package includes:
- Initial $500 million boost for health
- $5.1 billion in wage subsidies for affected businesses in all sectors and regions, available from today. Businesses need to show a 30 percent decline in revenue for any month between January and June 2020, applications can be made here.
- $126 million in COVID-19 leave and self-isolation support
- $2.8 billion income support package for our most vulnerable
- $100 million redeployment package
- $2.8 billion in business tax changes to free up cash flow
- $600 million initial aviation support package
For more detail on the business support package and Government factsheets, see here.
Staying well informed
Keeping reliably informed, understanding the symptoms of COVID-19, staying up to date with developments and making sure your business is as prepared as possible will help you make better decisions.
MBIE has collated some great resources for businesses here that we recommend reading through and bookmarking. This includes everything from health and travel guidance, to how to create a business continuity plan.
We’re here to help
It’s important to stay informed and reach out for advice if needed. We can assist you in applying for government support, forecasting, budgeting and planning. If your business has suffered or may suffer a 30% decline in revenue compared to last year between January to June 2020 or have staff in self isolation (or caring for others) due to COVID-19 you can apply for government support now.
This flow chart will help you start the process.
Please contact us if you need help with applying for government support.
Useful links
COVID-19 Support (Work and Income)
Government Press Release $12.1B Business Support Package
Coronavirus Information for Businesses (business.govt.nz)
