Can you claim the Wage Subsidy Extension?

Greenlion News

With the 12 week wage subsidy coming to an end, some businesses will be looking to apply for the extension. 

The wage subsidy extension will be available from 10 June 2020 until 1 September 2020. Applications open from 10 June, however businesses cannot apply for the extension until their 12 week wage subsidy has finished. The 12 week subsidy starts on the date you applied for it.

On the 5th of June the Government announced a change in criteria for the wage subsidy extension payment from a 50% revenue drop to a 40% revenue drop. This means you must have had a revenue loss of at least 40% for a continuous 30 day period. This period needs to be in the 40 days before you apply (but no earlier than 10 May 2020) and must be compared to the closest period last year. 

We are awaiting confirmation from the Ministry of Social Development that if there has been significant growth in the business the 40% drop can be against projected revenue.

This extension will pay out the same as the present wage subsidy. Paying $585.80 a week for full-time workers (who worked 20 or more hours per week before COVID-19) and $350 a week for part-time workers (fewer than 20 hours). It will continue to be paid out in a lump sum covering the 8 weeks, meaning a $4,684.00 payment per full time worker.

Should you need any help with the above applications or have any queries regarding this, please do get in touch, we are here to help.

Stay safe out there, we look forward to seeing you all again soon.

Related
Greenlion News
December 1, 2021

Final Support before the ‘freedom’ of the traffic lights…

On Monday the Government announced the support available under the new COVID Protection Framework. They also announced that the final Wage Subsidy and Resurgence Support Payment are now available, along with a new Transition Payment. We have set out more details below.   Wage Subsidy – Round 8 The 8th round of the Wage Subsidy…

Greenlion News
October 22, 2021

The goal is 90% – here’s the support package

Todays announcement has certainly given us something to think about and to work towards.  If you haven’t already we do urge you to get vaccinated. Your action now could be the difference for some of our clients coming out with a business intact.  In todays announcement Minister Robertson has shared the path forward as we…

Greenlion News
September 30, 2021

Limitation of Interest Deductibility on Residential Property Investment Released

Earlier this week the Government released draft legislation outlining some detail in relation to the March interest limitation proposals.   The proposals are contained in Supplementary Order Paper No. 64. It is pretty dry and the devil is in the detail so please bear with us.    We have attempted concisely to summarise the key…