Haven Accountants and Financial Advisers

Home Blog COVID-19 financial support for businesses
COVID-19 financial support for businesses

 

To ensure you’re making the most of the support available to businesses, we’ve put some key information on each of the subsidies below.

 

COVID-19 Wage Subsidy Scheme

If you’ve had to close your business or reduce your hours due to Level 4 restrictions, you can apply for the COVID-19 Wage Subsidy scheme. To be eligible, you must expect a 40% drop in revenue. You can get $600 per week for each full-time employee, and $359 per week for each part-time employee.

Apply here (Note that you can’t get the Wage Subsidy, Leave Support Scheme and Short-Term Absence Payment for the same employee at the same time).

 

COVID-19 Resurgence Support Payment

This helps to cover wages and fixed costs for businesses who have been directly affected when there is an increase to Alert Level 2 or higher for a week or more. 

You must have experienced at least a 30% decrease in revenue over a 7-day period due to an increase in alert levels to be eligible. You can get $1,500 per business plus $400 per full-time employee. 

Apply here 

 

Small Business Cashflow Loan Scheme

If you have less than 50 team members in your business, you might be eligible for the Small Business Cashflow Loan scheme. This is a one-off 5 year loan. You can borrow up to $10,000 plus $1,800 per full-time employee.

You’ll need to be able to declare that your business is viable and has experienced a minimum 30% decline in actual or predicted revenue over one month, compared with the same month last year.

This loan is interest free if you pay it back within 2 years. The interest rate is 3% for a maximum of 5 years.

Apply here 

 

COVID-19 Leave Support Scheme

If you have employees who are required to self-isolate and can’t work, you can apply for the COVID-19 Leave Support Scheme for them.

This support payment covers employees who:

  • are sick with COVID-19 and need to isolate until a doctor tells them they no longer need to 
  • have been in close contact with someone who has COVID-19
  • are at a higher risk of getting sick from COVID-19
  • live with someone who is at high risk of getting sick from COVID-19, and a doctor or health professional has told people in the household to isolate to reduce the risk of transmitting COVID-19 to vulnerable household members
  • have been asked to self-isolate by public health officials
  • need to stay home and look after a dependent child who needs support to self-isolate

With this one, you can get $600 a week for full-time employees and $359 a week for part-time employees.

Apply here (Note that you can’t get the Wage Subsidy, Leave Support Scheme and Short-Term Absence Payment for the same employee at the same time).

 

COVID-19 Short-Term Absence Payment

This payment helps you to keep paying employees who need to stay home and can’t work while waiting for a COVID-19 test result for themselves, their dependents or someone they live with.

You can get a one-off amount of $359 for each eligible worker.

Apply here (Note that you can’t get the Wage Subsidy, Leave Support Scheme and Short-Term Absence Payment for the same employee at the same time).

 

Need some help with your business financials?

Get in touch with us!