Publish date: 17/03/2020

The government’s $12.1b stimulus package designed for individuals, businesses, sectors and regions bearing the brunt of Covid-19 has been welcomed by Enterprise North Canterbury (ENC).

Businesses will get an $8.7b boost to tackle the crippling effects of coronavirus, which will include wage subsides and leave and self-isolation support for employees. All affected businesses across all sectors and regions and all sizes can, from today, immediately access the fund of $5.1b for wage subsidies. A further $126m has been set aside for Covid-19 leave and self-isolation support. 

To receive the wage subsidies announced: 

  • Businesses need to show a 30 per cent decline in revenue for any month between January and June 2020 compared to the year before (including projected revenue). 
  • Must also show they tried to mitigate the impact of Covid-19.
  • Employers will be paid $585 per week for full time staff and $350 for part time.
  • Payments are capped at $150,000 per business and paid in a lump sum.
  • Available immediately for 12 weeks. 

A further $2.8b will go to tax changes to free up cashflow, including a provisional tax threshold lift, the reinstatement of building depreciation and writing off interest on the late payment of tax. 

To see if you qualify and to apply online TODAY, we urge you to go to the MSD website.

To view the full stimulus package announcement visit the Beehive website.

Please feel free to contact ENC by emailing office@enterprisenc.co.nz to discuss your own situation. This is a rapidly changing environment for business and we are here to help.