COVID-19 Financial Support

Covid 19 Financial Support (1)

You may have heard about the latest government announcement around further financial assistance for those businesses that are most impacted by the current Covid-19 restrictions.

A new Covid-19 Support Payment, being 3 payments in total, of $4000 plus $400 per full-time employee will be available to apply for from 28 February 2022. This payment comes with a higher threshold of 40% drop in 7 consecutive days within the 6 weeks prior to the shift to Phase 2 of the Omicron response on 15 February 2022.

There will also be a top up loan of an additional $10,000 available through the Small Business Cashflow Loans Scheme to eligible businesses.

If you are a business struggling to pay Inland Revenue for your GST and/or Provisional Tax due to impacts from COVID-19, you should log on to myIR to see if there may be assistance with a delayed payment date, or any part of tax may be written off.

Short-Term Absence Payments and the Leave Support Scheme are still available for assistance around testing and self-isolation of your employees.

If you need any help determining if you are eligible, please reach out.

Take care, The TBL Team.