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Covid-19 Update – Moving to Level 2

With the Government’s announcement that we will go to Level 2 at 11.59 pm on Wednesday 13 May, you will no doubt be considering what this means for you and your business.

For some, it may be business as usual but for others, there will still be various challenges as well as restrictions and rules that need to be adhered to.

For industry-specific guidance issued by the government, please click here.  It provides detailed advice and a very useful set of Q&A’s.

If you need support in navigating the next few months or developing a business or financing plan, we are here to help. We are an approved Covid-19 service provider with the Regional Business Partners Network. Our support could be at no cost to you (Conditions Apply).

Latest Government Support Available to Business Owners

Small Business Cashflow Scheme

The Small Business Cashflow Loan Scheme will provide assistance in the form of loans of up to $100,000 to businesses employing 50 or fewer full-time equivalent employees. Businesses will have to “declare that they are a viable business, they will use the money for core business operating costs and enter into a legally binding loan contract.”

Applications open today (12 May 2020) and are open for one month.

Details

  • Loan amount of $10,000 plus $1,800 per full-time-equivalent employee, to a maximum of $100,000
    The loan has a five-year term and must be repaid by 31 July 2025
  • The annual interest rate will be 3% beginning from the date of the loan being provided
  • Interest will not be charged if the loan is paid back in full within one year
  • Repayments are not compulsory in the first 24 months
  • IRD will administer the payments and repayments of this scheme

Eligibility

  • 50 or fewer full-time equivalent employees
  • Must have met the Wage Subsidiary Scheme eligibility criteria
  • Must declare viable and have a plan in place

Click here for the eligibility tool.

Click here for more information on this scheme and how to apply.

In declaring viable, businesses should have a robust continuity plan and forecast and hold information to verify this.

Catapult Partners is an approved service provider with the Regional Business Partners Network which means that your business continuity planning and forecasting are undertaken by us could be fully funded with no additional cost to you.  Please contact us for more information on this.

Read Grant Robertson’s press release here.

If you have any questions, need support and/or you have any business continuity concerns, please contact us on 09 470 0444.