The impact of the lockdown has turned our economy upside down, causing significant cashflow issues for many in our business community.
At DWC we are looking at what we can do to help support businesses through this difficult time. If your business is experiencing cashflow issues at present, but will be viable post-lockdown, get in touch with us so we can discuss your specific situation.
With the lockdown, we estimate that around 50 percent of our workforce are still able to work in some capacity - whether remotely or as ‘essential workers’. However, this leaves 8,114 Coasters who under current circumstances can’t work at all.
The inability to operate and uncertainty of when business will return to normal is obviously very challenging. And this is coming on the back of an already difficult financial year for many businesses, which saw disruptions from the Waiho Bridge washout, the Omoto slip and the partial closure of SH6 in December.
We are working closely with businesses to make sure they are accessing all the available forms of support.
The Ministry of Social Development is doing a great job with the Wage Subsidy scheme, which many Coast businesses have already accessed. These subsidies provide some much-needed breathing room, but we recognise for some businesses this isn’t enough to see them through the immediate situation.
Some of the businesses we are talking with are already seeking professional advice from accountants and lawyers, and looking at cashflow forecasting to determine how long they can last with no income and whether their business will be viable in the future or whether they will have to close shop permanently.
Others are beginning to think ahead on how they can rebuild and relaunch once the lockdown is removed.
We strongly encourage businesses experiencing immediate cashflow issues to contact us to discuss their circumstances. Our staff are also busy reaching out to local businesses to offer support. We are here to help.
Media Release: 8 April 2020