New COVID Support Available

Paul McCormick
February 24, 2022

On Monday the Government has announced further support to businesses impacted by the Red Light Restrictions.

COVID Support Payment (CSP)

Businesses or organisations who experience at least a 40% drop in revenue or capital-raising ability over a 7-day period are able to apply.

Businesses will need to show a 40% or more drop in revenue in a 7-day period when compared to a typical 7-day period in the 6 weeks prior to the shift to Phase 2 of the Omicron response on February 15.

The payment is a core payment of $4,000 per entity, plus $400 per full-time equivalent (FTE) employee up to a maximum of 50 FTE ($24,000).

Applications for the CSP will open on 28th February and administered through IRD with the first batch of payments being released from 1st March. Please click here to apply.

The Government has confirmed this payment is available every two weeks to a maximum of 3 payments, additional release dates being 14th and 28th March with the hope this will get businesses through the estimated peak of this outbreak.

Small Business Cashflow Scheme

Businesses who have used the loan previously are now able to draw down an additional $10,000 to top up their existing loan. This additional loan will be interest free for 2 years with a total repayment period of 5 years

IRD Tax Payments

Minister Robinson has said that should businesses be struggling to meet their tax payments, the IRD is able to put in place installment arrangements and possibly write offs.

Should you need any assistance with this, our team would be more than happy to discuss options with you and liaise with the IRD on your behalf.

In addition to the above there are options such as the Business Debt Hibernation Scheme, potential rent relief, IRD payment arrangements and tax purchases through tax traders to help minimise the impact on cashflow.

Should you need any help checking if you are eligible for any of the above or need assistance with the application process, please call your usual Greenlion advisor.

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