We wanted to remind you of two key Government Schemes established due to Covid-19 that may help your business. The Extended Wage Subsidy applications have opened and you are able to apply at the end of your original 12 week subsidy. The Government Loans Support Scheme has been extended and now closes on 24 July. More information is below. Please get in touch with your Client Advisor if you would like assistance. They are happy to help.
Extended Wage Subsidy applications are open
The Extended Wage Subsidy application opened on 10 June 2020 and runs until 1 September 2020. You can apply when your original 12 week subsidy ends, which is 12 weeks from the date you applied for the original subsidy. If you can’t remember the date you applied for the original Wage Subsidy, the Ministry of Social Development are sending out reminder emails to let you know when your 12 weeks is up. To qualify you need to have experienced a 40% drop in revenue for a 30 day period in the 40 days before you apply, compared to the same period last year. The comparative period can be no earlier than 10 May 2020. The wage subsidy amounts are the same as the original scheme, but this extension is for a further 8 weeks. Find out more here.
Application for Small Business Cash Flow Loan Scheme (SBCS) now closes on 24 July
Government loans of up to $100,000 are still available for eligible businesses to help with cash flow. Nearly $1 billion in support has already gone out to small businesses, including contractors and self-employed. Applications for the small business cash flow loan scheme have been extended to 24 July. Click here to find out more