Weekly Digest â€“ 3 June 2020
Welcome back to our Weekly Digest. Read on for this week’s update.
Early Move to Alert Level 1
We are winning our fight against COVID-19!
With only one active case of COVID-19 remaining in New Zealand, Prime Minister Jacinda Ardern has announced the possibility of an earlier-than-expected move to Alert Level 1 next week. Essentially, this means that the virus is contained in the country without the risk of community transmission. However, border restrictions will remain in place as the virus is still uncontrolled overseas.
Nevertheless, this is exciting news as this means that there will almost be no restrictions, including on how businesses can operate. Thinking of your next big project? Chat with us and we’ll help you evaluate the potential risks and rewards.
Wage Subsidy Extension
To ensure that employees of affected businesses continue to get paid, financial support schemes such as the Wage Subsidy Scheme have been implemented by the Government. After the Wage Subsidy ends, a Wage Subsidy Extension will be available from 10 June 2020 until 1 September 2020. For more information and to help you assess your eligibility, get in touch with us.
Surviving Cash Flow Problems
Are you struggling with cash flow right now? You are not alone. The COVID-19 crisis has had a huge impact on businesses across the country, but we’ve got a couple of tricks up our sleeves to relieve cash flow pressure. Don’t stick your head in the sand – we can help.
Here are some options that might be suitable for your business:
- Borrow money – Through the Small Business Cash Flow Loan Scheme, the Government will provide interest-free loans for a year to small businesses affected by the economic shock triggered by COVID-19. Get in touch with us so we can assess if you are eligible to apply for the loan.
- Restructure expenses and commitments – There are various ways to restructure your commitments and access insolvency relief that can reduce your financial burden. With the Government’s Business Debt Hibernation initiative, you can place your existing debt on hold for up to 7 months. Got questions? Our advisors can help you navigate through the complexities of debt structuring.
- Sell more – We know that bouncing back after the COVID-19 situation could be difficult, but we’re sure you’re doing everything you can. Improve your cash flow by evaluating your marketing efforts and identifying new opportunities. Drop us a message and we are ready to share our expert business advice for your next strategic move.
Contact Tracing App
Fast and effective tracing of people who may have been exposed to COVID-19 is essential to stop the spread of the virus quickly.
Because we are still under Alert Level 2, maintaining a good record of people’s movement on their premises, including staff, customers, and visitors is required. Recently, the NZ COVID Tracer app has been rolled out to help the public log the businesses and organisations that they have visited for easier tracing.
However, for the app to serve its purpose, businesses need to generate QR code posters and display them at their premises. Learn more about the COVID Tracer app and see how you can do your part in battling the pandemic.
Over the last few weeks we’ve brought you updates on various government initiatives and cash flow schemes aimed at helping employers keep their businesses afloat amid the COVID-19 situation. We’ll keep you updated on new financial support available and if anything changes on existing ones, but please feel free to get in touch to discuss what these schemes mean for your business.
Get in touch
Contact us if you have any questions or want to discuss your next steps for your business.