COVID-19 Financial Support Update
22 February 2022
The Government has announced updates to the available COVID-19 business financial support.
A summary of the updates is below.
For information on all available financial support, including for staff self-isolating, please click here
COVID Support Payment
The new Covid Support Payment of $4000 plus $400 per full-time employee (capped at 50 FTE positions, or $24,000) is open for applications from February 28.
To be eligible, businesses need to show a 40 percent drop in 7 consecutive days within the 6 weeks prior to the shift to Phase 2 of the Omicron response on February 15, compared to 7 days after that date.
Accepted applications will be paid on a fortnightly basis for six weeks, making three payments in total. Payment starts from March 1.
Small Business Cashflow Loans Scheme
The Small Business Cashflow Loans Scheme has been extended, allowing business that have already accessed it an extra $10,000.
The updated repayment period is five years, with the first two years being interest free. Interest already accrued for those who have taken out a loan will be cancelled for the first two years.
Tax Repayment Flexibility
Government has extended the Inland Revenue Department Commissioner’s ability to apply flexibility for tax payment dates and terms to assist businesses.
Any businesses struggling to pay tax because of the impacts of Covid-19 should log on to myIR to see if they can delay starting payments to a later date, or if any part of the tax could be written off.
Inland Revenue can assist with both GST and provisional tax due.