Support for businesses affected by Omicron
The government have announced new support for business affected by Omicron.
COVID Support Payment
Small Business Cashflow Loans
Inland Revenue tax payments
COVID Support Payment for businesses struggling with a downturn during the Omicron outbreak.
Three payments will be made available on fortnightly basis for 6 weeks. If the government deems necessary, they have the option to extend these payments.
COVID Support Payment is $4,000 per business plus $400 per full-time employee (FTE), capped at 50FTEs or $24,000.
To qualify: you must show a 40% drop in 7 consecutive days within the 6 weeks prior to the shift to Phase 2 of the Omicron response on 15 February, compared to 7 days after that date.
Maximum available for business is $24,000
Applications open: Monday 28th February with payments starting from 1 March
Small Business Cashflow Loans changes are being made to the scheme.
Businesses that have already accessed the loan can drawdown an additional $10,000 a new repayment period of five years and the first two years being interest free.
The first two years of accrued base interest will be removed from all borrowers who have, or will, take out a loan under the scheme. This change means interest will only begin to accrue in year three.
Inland Revenue tax payments - for GST and provisional tax due.
The Commissioner of Inland Revenue able to apply flexibility to tax payment dates and terms to assist firms with cashflow pressures.
Businesses struggling to pay tax should log into myIR to see if they can delay starting payments to a later date or if tax could be written off.
