Updated: Aug 28, 2020
With Auckland being placed into level 3 lock down and the rest of the country in level 2, it is with a sinking feeling that again it is neccesary to revisit your financial forecast and cash-flows. Yet even through it is probably the last thing you feel like doing, it is so important to re-do company forecasts and cash-flow analysis so that they are as realistic and pragmatic as possible to avoid future disappointments.
The government has just announced a new wage subsidy for small businesses that are impacted by the latest level 3 and 2 lock down.
The key points are subsidies extend from the 12th August to the 14th of September 2020. Companies need to demonstrate or predict a downturn of 40% revenue with at least a continuous 14 day period of decreased revenue.
If you would like help to apply for the new subsidies please contact Epiphany Accounting Solutions and we will be delighted to help you. You do not need to be a client to receive this support.
Leave Support Scheme
The Leave Support Scheme is available nationally for businesses to help pay any employees who meet certain health criteria.
Your business must also have employees that can’t work and who:
Have Covid19 or had contact with someone who does and are self-isolating or
Are in a category of people most at risk of contacting Covid 19 or
Live with someone who is in a category of people most at risk of contacting Covid19
If you would like assistance in cash flow forecasting, forecasting and budgeting or planning how to manage the foreseeable future, contract us on the contact form on our website, noting what you are wanting assistance with.
To find out more visit https://www.workandincome.govt.nz/covid-19/resurgence-wage-subsidy/index.html
This material has been prepared for information purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your normal source of expert advice before acting on anything.