Minister of Finance Hon Grant Robertson today announced an extension to the Small Business Cashflow Scheme and the Wage Subsidy Scheme, enabling more businesses to access Government support in the wake of COVID-19.
An additional 40,000 businesses will be eligible for the extended Wage Subsidy Scheme due to a change to the revenue drop threshold from 50% to 40%. Up to 230,000 businesses are now forecast to be eligible for the 8-week scheme extension from 10 June, covering up to 910,000 workers.
The Small Business Cashflow Scheme will now operate until 24 July, extended from 12 June, which allows businesses more time to access the low-cost loans.
More information about the Wage Subsidy Scheme is available on the Work and Income website: workandincome.govt.nz
More information on the Small Business Cashflow Scheme is available on the Inland Revenue website: ird.govt.nz
Read more about the announcement on the Beehive website: beehive.govt.nz