On Monday 21 February the Government announced new financial support for businesses affected by Omicron.
Summary of details:
COVID SUPPORT PAYMENT
- 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.
SMALL BUSINESS CASHFLOW LOANS SCHEME
- 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
- 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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