New financial support for businesses affected by Omicron

By on 22nd February 2022

On Monday 21 February the Government announced new financial support for businesses affected by Omicron.

Summary of details:

  • Each COVID Support payment will be $4,000 per business plus $400 per full-time employee, capped at 50FTEs or $24,000.
  • Applications open on February 28, with payments starting from March 1
  • It will be on a fortnightly basis for 6 weeks, with 3 payments in total.
  • To qualify for this payment firms must show a 40 percent drop in 7 consecutive days within the 6 weeks prior to the shift to Phase 2 of the Omicron response on February 15, compared to 7 days after that date.
  • A ‘top up’ loan will allow those firms that have already accessed a loan to draw down an additional $10,000 with a new repayment period of 5 years and the first 2 years being interest free.
  • Inland Revenue will have the ability to apply flexibility for tax payment dates and terms to assist firms with cashflow pressures

To read more about this announcement please click here.

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