Keeping business going
Stay on top of what's been done to help businesses out at this time and speed up the recovery phase.
Business Finance Guarantee – applications open now
Businesses can start applying to their banks for loans under the Business Finance Guarantee Scheme set up to support the New Zealand economy during the COVID-19 pandemic. Find out more here: https://www.beehive.govt.nz/release/business-finance-guarantee-%E2%80%93-applications-open
Business cashflow and tax measures
The IRD have also introduced measures to increase cashflow, including increased deductions for low cost items, depreciation being available on commercial buildings and use of money interest (UOMI) able to be remitted on tax payments due on or after 14 February 2020. This link https://www.ird.govt.nz/Updates/News-Folder/covid-19-business-continuity-package provides more information about these measures.
The New Zealand Bankers' Association has a helpful media section to keep across finance information for businesses: https://www.nzba.org.nz/2020/03/09/banking-sector-prepared-for-responding-to-covid-19/?utm_source=business.govt.nz&utm_medium=newsletter&utm_campaign=special_cv_edition
Clarification of modification to wage subsidy scheme
If you need clarification on the wage subsidy scheme, check out these sites for more details:
FAQ’s on wage subsidy
Further questions on the wage subsidy have been answered here by IRD: https://www.ird.govt.nz/Updates/News-Folder/covid-19-novel-coronavirus---your-questions-answered
ACC have set up a section on their website to provide useful information:
Work starts on ways to fast-track consents to boost recovery from Covid-19 downturn
Read about how Environment Minister David Parker is looking to develop ways to fast track consents for certain projects once the recovery phase from COVID-19 is underway: https://www.beehive.govt.nz/release/work-starts-ways-fast-track-consents-boost-recovery-covid-19-downturn