Support for businesses affected by COVID-19
While New Zealand may feel like a relatively safe place to be right now, there is no escaping the impact COVID-19 will have on our social and economic wellbeing in the upcoming months and beyond.
Finance Minister, Grant Robertson, said: “We don’t yet know what the full impact on New Zealand’s economy will be, however we do know it will cost us jobs and have a significant impact on business. We are moving quickly to help people stay in work and reduce the blow for business.”.
The New Zealand government has already put in place controls to stop the spread of the virus and yesterday they took a step towards buffering businesses and workers for the upcoming economic downtown.
We give you a quick breakdown of what’s in the business support package plus give you a heads up on some ways in which we can help.
COVID-19 Business Support Package
This afternoon the Government announced its business support package, noting it is one of the largest packages in the world on a per capita basis.
The $12.1 billion package includes:
- Initial $500 million boost for health
- $5.1 billion in wage subsidies for affected businesses in all sectors and regions, available from today. Businesses need to show a 30 percent decline in revenue for any month between January and June 2020, applications can be made here.
- $126 million in COVID-19 leave and self-isolation support
- $2.8 billion income support package for our most vulnerable
- $100 million redeployment package
- $2.8 billion in business tax changes to free up cash flow
- $600 million initial aviation support package
For more detail on the business support package and Government factsheets, see here.
Staying well informed
Keeping reliably informed, understanding the symptoms of COVID-19, staying up to date with developments and making sure your business is as prepared as possible will help you make better decisions.
MBIE has collated some great resources for businesses here that we recommend reading through and bookmarking. This includes everything from health and travel guidance, to how to create a business continuity plan.
Xero Assistance Programme
Xero starter, standard or premium plan subscribers and their employees and families have access to the Xero Assistance Programme (XAP) which offers access face-to-face, telephone, live chat or online counselling sessions as well as the BeneHub and Benestar app. XAP can help with all aspects of life – physical, mental, social and financial. This direct counselling support service is available at no cost to you and it is completely confidential.
Find out more about it here: xero.com/nz/xap
How we can help
While self-isolation may be a thing right now, you’re not alone! We can help, albeit, remotely. If you need support with the following:
- Managing loss of income
- Supply chain disruption
- Business contingency planning
- Applying for government support
- Navigating your way through this situation
We’re on hand to assist. Please get in contact to have a chat.