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Covid-19 lockdown economic packages

Money

The Government has confirmed a range of economic support packages to help businesses through the current lockdown.

The Wage Subsidy Scheme (WSS), which is available when there is a regional or national move to Alert Levels 3 and 4 for a period of seven days, will help eligible businesses keep paying staff and protect jobs.

The WSS rates have increased to reflect the increase in wage costs since the scheme was first introduced in March 2020. Businesses will be eligible for $600 per week per full-time equivalent employee, and $359 per week per part-time employee.

Applications for the WSS opened on Friday, 20 August, through Work and Income New Zealand.

A Resurgence Support Payment is available for businesses incurring a loss of 30 per cent of revenue as a result of the alert level increase. This is worth up to $1500, plus $400 per full-time equivalent employee, up to a maximum of 50 full-time employees.

Applications for the COVID-19 Resurgence Support Payment will open tomorrow, 24 August, through Inland Revenue.

If you employ 50 or fewer staff, you may be eligible for the Small Business Cashflow Loan Scheme. This is a one-off five year loan, which is interest free if paid back within two years. You can borrow a maximum of $10,000, plus $1800 per full-time equivalent employee. Applications are open until 31 December 2023 through myIR.

Read more here about what you or your staff may be eligible for.

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Monday, August 23, 2021

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