Weekly Digest – 8 April 2020
We hope you’re well and managing to get some time away from your business during these crazy times. If our Health Minister can find time for mountain biking and the beach, there’s hope for us all!
Not much has changed since last week with no new announcements on business.govt.nz since April 2nd. It’s worth checking their Latest news and updates section regularly but please contact us if you need clarity or help on anything.
Here are a couple of areas we’d like to make you aware of:
Business Finance Guarantee Scheme
The Government has launched a Business Finance Guarantee Scheme for small and medium-sized businesses, to protect jobs and support the economy. The Crown, in partnership with participating approved banks, will support targeted new loans (including increases to existing limits) to eligible businesses, as a response to difficulties caused by COVID-19.
Under the scheme, businesses with annual revenue between $250,000 and $80 million can apply to their banks for loans up to $500,000, for up to three years. The scheme will offer a total of $6.25 billion in loans to New Zealand businesses.
The Government is guaranteeing 80% of the risk, while the banks are covering the remaining 20%. A normal lending process will be followed by the banks, which will make the lending decisions.
For more information about this scheme and how to apply, see the page on COVID-19 business finance support and mortgage holidays. But feel free to contact us with any further questions.
COVID-19 modified wage subsidy
The COVID-19 wage subsidy scheme has been modified. This is to help businesses that need to shut down under Alert Level 4 pay workers for an extended period of time.
The modified wage subsidy scheme will support employers and their staff to maintain an employment connection and ensure an income for affected employees, even if the employee is unable to actually work any hours.
Applications can be made on the Work and Income website
For more information about this scheme see the page on COVID-19 wage subsidy scheme. Contact us with any questions.
Are you using Zoom for conference calls or online meetings? You’ll want to be sure to read this notification from Zoom about security settings, and consider requiring a password from participants. Without a password, anyone with the meeting ID can join. Because of this loophole, many meetings have been “Zoom bombed” by uninvited participants who post inappropriate images or disrupt meetings with annoying sounds.
Time for some good news!
Hospitality businesses have been some of the hardest hit, having no way to work remotely or digitally.
So here’s a nice way you can support your local favourite cafe, restaurant or bar: SOS Cafe is a not-for-profit website where you can buy a voucher now and redeem at your local later.
Check it out and you can even suggest a business be added to their database.
Here to help
We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are all in this together!