What you need to know
A number of options could be available to your business if you have been impacted negatively by Covid-19:
COVID-19 Resurgence Support Payment
The COVID-19 Resurgence Support Payment helps businesses directly affected when there’s an increase from Alert Level 1 for a week or more. It helps to cover wages and fixed costs.
To be eligible for the payment, your business must have experienced at least a 30% drop in revenue or capital-raising ability over a 7 day period after the increased Alert Level, and meet other criteria.
Eligible businesses can apply to receive the lesser of:
- $1,500 plus $400 per full-time equivalent (FTE) employee, up to a maximum of 50 FTEs, or
- 4 times (4x) the actual revenue drop experienced by the business.
Businesses and organisations can apply for the payment each time it is activated, as long as they meet the eligibility criteria.
Applications are open for 1 month after the return to Alert Level 1.
Small Business Cashflow Scheme (SBCS)
Businesses with 50 or less FTE now have until 31 December 2023 to apply for the Government's Small Business Cashflow Scheme (SBCS). To be eligible for the SBCS loan a business or organisation must have 50 or fewer full-time-equivalent employees and be eligible for the Wage Subsidy Scheme.
You must also have a sound plan to be viable and hold information on file to verify this.
Part of proving you are viable should be having a forecast completed and a plan for how to deal with changing market conditions. Sudburys is an approved provider through the Regional Business Partner Network which means you may be able to apply for funding to have part of your forecasting and planning undertaken by our team.
Find more details on the SBCS here
Additional support for SMEs
The Government has announced additional assistance for small/medium business including a tax loss carry-back scheme, more funding for business consultancy support and measures to support commercial tenants and landlords.
Read more about the Government announcement here
Inland Revenue has a number of tax relief options available for businesses including writing off penalties for late payment, extensions to payment dates, installment arrangements and certificates of exemption for contractors.
Get more information on tax relief options for business or contact your client manager if you're unsure what you might be eligible for.