The Government has announced an Economic Response Package designed for the unique nature of the disruption caused by COVID-19, to cushion New Zealanders against the impacts of the virus, position New Zealand for recovery, and help us to reset and rebuild our economy to support long-term recovery.
On 17 March, the Government announced an initial $12.1 billion COVID-19 Economic Response Package. As the situation has changed, the package has been expanded.
You can view the COVID-19 Economic Package at a Glance as at 15 April 2020 via the link below.
Business Finance Guarantee scheme
This scheme enables banks to provide loans of up to $500,000 for up to three years, subject to banks’ lending criteria, to businesses with annual revenue of between $250,000 and $80 million. It is the banks’ decision whether to lend and loans must be repaid, with interest, in accordance with the loan agreement.
For more information about the Business Finance Guarantee Scheme: COVID-19: Business finance support and mortgage holidays (business.govt.nz)
More information about how banks are helping customers through Covid-19 is available at: Banking response to Covid-19 (nzba.org.nz)
The latest data on how banks are supporting businesses through the pandemic is available here: Business lending data (nzba.org.nz)
Where to find more information about:
Wage Subsidy and Essential Workers Leave Support information for employers: COVID-19 support for employers (workandincome.govt.nz)
Business tax changes: COVID-19 (novel coronavirus) - Tax changes to support businesses (ird.govt.nz)
Income support: COVID-19 (novel coronavirus) (workandincome.govt.nz)
As announced in January 2020, the Government will also invest $12 billion in significant infrastructure projects under the New Zealand Upgrade Programme.