Further to the economic support package announced on 17 March, Finance Minister Grant Robertson today announced a joint financial support package for home owners and businesses affected by the economic impacts of COVID-19.
The Government, retail banks and the Reserve Bank have combined to implement a package that includes:
- a six month principal and interest payment holiday for mortgage holders and SME customers whose incomes have been affected by the economic disruption from COVID-19.
- a $6.25 billion Business Finance Guarantee Scheme for small and medium-sized businesses, to protect jobs and support the economy through this unprecedented time.
The Government, Reserve Bank and the Treasury continue to work on further tailor-made support for larger, more complex businesses.
For full details of the announcement, read the media release on the Beehive website.