As the days pass since the COVID-19 pandemic took effect in New Zealand it will become more apparent how the economic situation has impacted you and your business.
At the end of last-week the NZ Government announced that it will provide interest free loans for a year to small business impacted by the COVID-19 economic shock to support cashflow needs and fixed costs.
The scheme will provide $10,000 to every firm and in addition $1800 per equivalent full time employee (up to $100,000). Loans will be interest free if they are paid back within a year. The interest rate will be 3% for a maximum term of five years. Repayments are not required for the first two years.
The eligibility criteria is the same as it was for the Wage Subsidy Scheme and they are targeting this scheme to those who have a viable business but have been put in a position of not generating any revenue.
Click here for full information about this cashflow support.
Applications are taken from the 12th of May via the IRD. Businesses will need to apply for the loan through your business myIR login and we will send more information about how to apply as it comes to light.
If you need to discuss anything with regards to your financial position you are welcome to call Luke directly Ph 021 432 436 or Luke@flashpointaccounting.co.nz.
With best wishes,
Luke Canton, Helen Canton, Veronica Griffin & Philippa Muller
Flashpoint Accounting Ltd
7th May - Due date for GST (31 Mar period).
For a full list of tax related important dates please see the resources page on our website More....
Are you a landlord, have an Air BnB or need to know about Investment Income changes? You will be interested to read about tips and changes in the linked Accelerate Newsletter.
Are you ready to gather your financial information for the year ending 31 March 2019? Use the handy check list at the end of the newsletter to help guide you.