Whilst we suggest getting advice from your lawyer and/or accountant during the COVID-19 crisis here are a list of options you have:
Employer Support/ Wage Subsidies
The COVID-19 Wage Subsidy and Employer Support will be paid at a flat rate of:
$585.80 for people working 20 hours or more per week.
$350.00 for people working less than 20 hours per week.
The subsidy is paid as a lump sum and covers 12 weeks per employee.
To apply https://services.workandincome.govt.nz/ess/employer_applications/new
More on the qualification process https://www.workandincome.govt.nz/products/a-z-benefits/covid-19-support.html
Banks are willing to put your loans on interest only for 6 months no questions asked
RBNZ has relaxed rules so that banks can give coronavirus affected mortgage holders up to a 6-month payment holiday – we urge affected clients to contact their mortgage providers.
Business Finance Guarantee Scheme
The Government will underwrite 80% of bank loans to eligible SMEs, eligible businesses will have usual annual turnover between $250,000 and $80m and the loan will be limited to $500,000 per business.
IRD have announced some additional flexibility and tax relief for businesses affected by COVID-19
Hardship options with Life insurers
Each insurer has a different response to this, if you are struggling to pay please contact our team to get your options to keep your valuable cover before choosing to cancel.