COVID-19 support for business
Accessing financial support for you and your business
There are a few financial support schemes available to help you, your business and employees in times of difficulty, to recover from the effects of COVID-19.With Auckland at COVID-19 Alert Level 3 and the rest of New Zealand at Alert Level 2, there is business support available.
Wage Subsidy to be made available
Information about a new Wage Subsidy for employers and self-employed people throughout New Zealand will be available soon. This is to help businesses whose revenue has reduced (because of COVID-19), so they can keep paying their staff. For further information click here.
Resurgence Support Payment The Resurgence Support Payment (RSP) is a payment to help support viable and ongoing businesses or organisations with reduced revenue due to a COVID alert level increase to level 2 or higher. The RSP is not a loan and doesn't need to be repaid. The payment must be used to help cover business expenses. For more information or to check if you are eligible click here.
Short-term Absence Payment This is available at all alert levels, it is for businesses, including self-employed people, to help pay employees to who cannot work from home while they wait for a COVID-19 test result. You can claim a one-off payment of $350 for each eligible employee. Find out how to apply here.
Leave Support Scheme The COVID-19 Leave Support Scheme provides a payment to businesses (also available if you’re self-employed) to pay their employees who meet certain health criteria, eg they have COVID-19.
If you, or your staff have been told by a health official to self-isolate and cannot work from home, you can apply for the COVID-19 Leave Support Scheme. This support will be paid as a lump sum covering two weeks (you can reapply if required). For eligibility criteria and how to apply see here.
Small business cashflow loan scheme (SBCS) Government will provide loans to small businesses, including sole traders and the self-employed, impacted by COVID-19 to support their cash flow needs.
Tax Support If you’re having difficulties meeting your tax obligations due to COVID-19, Inland Revenue has various support schemes and options to help.
Business debt hibernation is a government initiative created in response to COVID-19. It helps companies, trusts, and other business entities affected by COVID-19 to manage their debts. Applications are open until 31 October 2021.
Business finance gaurantee scheme More small and medium-sized businesses may be eligible for the Business Finance Guarantee scheme, with a simplified and expanded scheme now in place.
Participating lenders can provide new loans, increased limits to existing loans or a revolving credit facility to eligible businesses. The scheme supports lenders by government taking on the default risk of up to 80% of the loan.
For further information on all other forms of financial support visit this COVID-19 Unite page.
Got questions or need support? Call the free COVID-19 Business Helpline
All New Zealand businesses, including sole traders, can get support and advice on:
· government financial support, eg low-interest loans, tax relief
· what different alert levels mean for your business
· business continuity
· finding free or subsidised expert help, eg a business mentor or advisor.
Employers can also get specific advice on people challenges, including staffing changes, employee wellness, and meeting your health and safety obligations.
North Island 0800 500 362 | South Island 0800 505 096