COVID-19 Business assistance.
As the situation with COVID-19 develops, we’re committed to helping keep our business community informed and provide support where possible. This page aims to provide a comprehensive set of resources to help West Coast businesses navigate through this challenging time.
If you need any assistance or clarification on how to access support, or would like to talk with one of DWC’s Capability and Growth Advisors, we are here to help.
Contact Development West Coast on:
Ph: 0800 768 0140
New Zealand at Alert Level 4
NZ is now at Alert Level 4 (Eliminate), which is expected to continue for a minimum of 4 weeks at this stage.
Under Alert Level 4 all non-essential businesses must close.
Essential businesses, and those that support them, will continue to provide the necessities of life for everyone in New Zealand. This means food, medicine, healthcare, energy, fuel, waste-removal, internet and financial support will continue to be available.
How businesses can access COVID-19 support.
- Download wage subsidy factsheet (PDF 146KB)
The wage subsidies will be available for businesses in all sectors and regions that can show a 30% decline in revenue for any month between January and June 2020 compared to the year before (including projected revenue).
Self-employed people with variable monthly incomes are eligible if they can demonstrate revenue loss against the previous year’s monthly average (eg. 30% loss of income attributable to COVID-19 comparing March 2020 to the average monthly income in the period March 2019 to March 2020).
If eligible, employers would be paid $585.80 per week for full-time staff, and $350 for part time. They will be paid in a lump sum.
The support will be available for twelve weeks. Businesses must have taken active steps to mitigate the impact of COVID-19.
You must retain employees and pay them a minimum of 80% of their normal income for the subsidised period.
The form is very simple, and the expectation is that payments will be expedited quickly. You must provide the following information:
- Your IRD number.
- Your business name.
- Your business address.
- Your New Zealand Business Number (NZBN).
- The names of your employees.
- Your employee IRD numbers.
- Contact details for your business and your employees.
More information: Work and Income
Summary of tax changes.
Business cash flow and tax measures include:
- Increasing the provisional tax threshold from $2,500 to $5,000 from 2020/2021.
- Increasing the small asset depreciation threshold from $500 to $1,000 — and to $5,000 for the 2020/21 tax year.
- Allowing depreciation on commercial and industrial buildings from 2020/2021.
- Removing the hours test from the In-Work Tax Credit (IWTC) from 1 July 2020.
More information on tax changes: Inland Revenue
Contact your bank.
The New Zealand Bankers’ Association is encouraging businesses and individuals financially affected by COVID-19 to talk to their bank. Depending on your circumstances, there are a number of ways in which banks can help. Potential measures may include:
- Reducing or suspending principal payments on loans and temporarily moving to interest-only repayments.
- Helping with restructuring business loans.
- Consolidating loans to help make repayments more manageable.
- Providing access to short-term funding.
- Referring individual customers to budgeting services.
Mortgage Holiday Scheme & Business Finance Guarantee Scheme
Finance Minister Grant Robertson announced on 24 March that a mortgage holiday scheme would be offered by retail banks. There will be a "six-month mortgage repayment holiday to homeowners whose incomes have been affected by COVID-19". The exact criteria will be announced by the banks in the coming days.
The Government and the banks will also implement a $6.25 billion Business Finance Guarantee Scheme for small and medium-sized businesses, to protect jobs and support the economy through this unprecedented time.
The package is proposed to include a six-month principal and interest payment holiday for mortgage holders and SME customers whose incomes have been affected by COVID-19.
The scheme will include a limit of $500,000 per loan and will apply to firms with a turnover of between $250,000 and $80 million per annum. The loans will be for a maximum of three years and expected to be provided by the banks at competitive, transparent rates.
How is COVID-19 impacting your business?
To ensure we are well-informed on how the COVID-19 situation is impacting West Coast businesses we would greatly appreciate if you could participate in this short survey. The survey will take less than 5 minutes to complete and will enable us to provide an evidence-based view to Government so that appropriate responses can be organised and delivered.
LINK TO SURVEY.
COVID-19 Business Resources and Information
General resources: COVID-19 (New Zealand Government)
Financial support: Wage subsidies and leave and self-isolation support (Work and Income)
Small business resources: Coronavirus: Information for businesses (business.govt.nz)
Tax information: Tax relief – COVID-19 (Inland Revenue)
Exporters/Importers: COVID-19 – Information for exporters (New Zealand Trade and Enterprise)
Māori Businesses: Support for Māori Businesses (Beehive)
Workplace response: Workplace response to coronavirus (Employment New Zealand)
Workplace preparedness: Workplace preparedness for novel coronavirus (COVID-19) (WorkSafe New Zealand)
Privacy: Is it okay to tell other employees that a colleague is sick? (Privacy Commissioner)
Redundancy information: Coronavirus: Redundancy information for employers - pdf (Work and Income)
Immigration: Coronavirus update: INZ’s response (Immigration New Zealand)
Travel: Novel coronavirus, China (COVID-19) (SafeTravel - MFAT)
Tourism: Coronavirus – Information for industry (Tourism New Zealand)
Accommodation sector: COVID-19 - Information for hotels and hotel staff (Ministry of Health)
Hospitality: COVID-19 guidelines (Hospitality NZ)
Health: Novel coronavirus (COVID-19) (Ministry of Health)
Landlords/tenants: COVID-19 – what landlords and tenants need to know (Tenancy Services)
Education sector: Novel coronavirus (COVID-19) (Ministry of Education)
Mass Gatherings: Advice for public events (COVID-19) (Ministry of Health)