COVID-19: lesser-known business support schemes & resources
We know that the recent return to COVID-19 lockdown level 3 in Auckland is unfortunate news for struggling businesses, especially in the retail and hospitality sector.
As distressing as this is, we’d like to point you in the direction of ways you can cushion the pandemic’s economic impact – some of which you may not have heard about. We also through a couple of interesting COVID-related articles into mix.
Business support schemes you might not have heard of
While you’ve probably heard about the wage subsidy and small business loans programs, there are other grants and schemes available to business owners that you might not have heard of. This stuff.co.nz article details fives business support schemes that have gone under the radar including business debt hibernation and IRD penalty and interest relief.
One of these support schemes we particularly recommend is fully funded support through the Regional Business Partners Network. If you need advice on business strategy, finance and cash flow, continuity planning, HR and employment relations, digital services, marketing, and health and wellness for owners and staff, we suggest checking it out.
At The Accounting Hub, we offer business finance and planning advice through the RBP network. Ask us if you have any questions about what you’re eligible for and how to apply.
Reinventing your business for speed in the post-COVID world
The pandemic has prompted business leaders to embrace technology and data, reinvent core processes, and adopt collaboration tools. In the post-COVID-19 era, there will be an increasing need for businesses to get things done fast without compromising quality. This McKinsey article talks about nine actions to unleash sustainable speed:
- Speed up and delegate decision making.
- Step up execution excellence.
- Cultivate extraordinary partnerships.
- Flatten the structure.
- Unleash nimble, empowered teams.
- Make hybrid work, work.
- Field tomorrow’s leaders today.
- Learn how to learn.
- Rethink the role of CEOs and leaders.
The coronavirus is one of the greatest challenges of our times. If you want to stay afloat, the time to build a business designed for speed is now. We can help you reimagine your business and reinvent the future so you can come back stronger as the economy gradually reopens.
Government Loan Applications extended
The Small Business Cash Flow Loan Scheme allows you to get financial assistance of up to $100,000 and an additional $1800 per equivalent full-time employee. Repayments are not required for the first two years, but if the loan is paid back within a year, there will be no interest.
The government has extended this loan until the end of the year. For those who haven’t applied for this government loan yet, you can check your eligibility here or you can get in touch with us so we can assist you with your application.
Applications for Wage Subsidy Extension close next month
Applications for the Wage Subsidy Extension are open until 1 September 2020. This initiative is aimed at supporting employers, including the self-employed, who have been significantly hit by COVID-19. Under this scheme, the wages of your employees will be covered over an 8-week period.
Plus, due to the recent Auckland lockdown, another Wage Subsidy is on the cards, more information is still to be released.
On the bright side…
We’re now in the third quarter of 2020 and we are still in the grips of a global pandemic– leaving many scared, frustrated, and struggling. However, among the dire news, there have been a few bright spots, as this article points out, with a listing of 100 positive things that have happened so far in 2020. For example, drive-in movie theatres are showing a resurgence, adoption and fostering of homeless animals has risen, and museums around the world have opened for virtual tours.
We understand that this year seems incredibly hard, and it surely doesn’t feel like a moment when you can easily see the glass as half full or make lemonade out of lemons. While it’s okay to not be okay, we encourage you to find the silver linings.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.