COVID 19 BUSINESS SUPPORT
Most of the Covid 19 business support packages introduced in 2020 have closed.
Useful Links
Useful Links
Business Contingency Plans
Creating a contingency plan is most often overlooked or forgotten when times are good, and business is booming. Unfortunately, as we have seen, it does not take much to completely turn things around. In a crises situation you may be required to present your contingency plan to government agencies, shareholders, creditors or insurers, in order to obtain relief funding. Contingency planning is the process of building a procedure to prepare for the absolute worst. When things go wrong, the plan is there to salvage your business and provide an opportunity to get things back on track again. Most contingency situations are out of your control. History shows that following a crisis societies and organisations never go back to the place where they started. This generates an imperative to think outside the box to create and test new business models. There will always be a new crisis on the horizon like new pandemics, climate action failure, governance failure, cyber warfare and the collapse of economies. Learnmore about contingency plans by following the link below.
Small Business Cashflow Scheme (SBCS) - Applications Close 31 December 2023
IRD advise “The Small Business Cashflow (loan) Scheme (SBCS) has been introduced to support small to medium businesses struggling because of loss of revenue as a result of COVID-19. This adds to a number of changes the Government has made to assist small to medium businesses through this time. Inland Revenue will administer the payments and repayments of this scheme to provide immediate support to businesses that have been adversely impacted. Businesses will apply for the loan payment through myIR. More information on the loan, including eligibility criteria and a calculator to determine the amount a business can borrow, is available from the IRD”.
Small firms struggling with the coronavirus pandemic will be able to get interest-free and low-interest loans of up to $100,000. Finance Minister Grant Robertson said it had become clear that the support banks were providing to small and medium-sized businesses was "not meeting their needs nor our expectations as a Government".
Restrictions on how the loan can be used have eased. As well spending on core operating costs, businesses will be able to choose to use the loan to invest in their business, helping it to adapt to the impact of COVID-19.
The small business cashflow scheme is administered by Inland Revenue and will be available to firms employing 50 staff or fewer. The most companies can borrow will be $10,000 plus an additional $1800 for each full-time employee they have, so only firms employing 50 staff could apply for the maximum $100,000. The loans will be free of interest if they are paid back within two years. Otherwise, interest will be charged at 3 per cent annually up to the maximum total term of five years.
The Government has asked for advice on some of these existing aspects of the loan scheme, so further changes may happen at a later stage.
Small firms struggling with the coronavirus pandemic will be able to get interest-free and low-interest loans of up to $100,000. Finance Minister Grant Robertson said it had become clear that the support banks were providing to small and medium-sized businesses was "not meeting their needs nor our expectations as a Government".
Restrictions on how the loan can be used have eased. As well spending on core operating costs, businesses will be able to choose to use the loan to invest in their business, helping it to adapt to the impact of COVID-19.
The small business cashflow scheme is administered by Inland Revenue and will be available to firms employing 50 staff or fewer. The most companies can borrow will be $10,000 plus an additional $1800 for each full-time employee they have, so only firms employing 50 staff could apply for the maximum $100,000. The loans will be free of interest if they are paid back within two years. Otherwise, interest will be charged at 3 per cent annually up to the maximum total term of five years.
The Government has asked for advice on some of these existing aspects of the loan scheme, so further changes may happen at a later stage.
This page was last updated on 7 December 2022