Financial support for businesses dealing with COVID-19 impacts
In order to get businesses and employees through the impacts of COVID-19, the government and banks have made a number of options available.
Government economic recovery package
The government has committed significant support to help the economy, workers and businesses through COVID-19, including:
- A wage subsidy scheme and essential workers' leave support
- Apply here or call 0800 40 80 40 (Work and Income NZ) if you have any questions about these payments
- A small business cashflow loan scheme with interest-free loans of up to $100,000 for up to a year
- Find out more here - applications are open from 12 May via Inland Revenue
- Business Tax Support, including a tax loss carry-back scheme
- See this guidance from Inland Revenue about how it may apply to your business
Find out more about government financial support here or for details about the substantial non-financial support that is available, see here.
Support available through your bank
- Mortgage interest and principal repayment deferrals are available for up to 6 months
- Many banks are offering suspensions of loan payments on business loans and credit cards
- In partnership with the government, a Business Finance Guarantee Scheme makes loans of up to $500,000 available for eligible individual businesses to meet urgent liquidity or bridging finance needs
- Banks can also offer options such as an overdraft facility