Government is acting to support the economy with a $12.1billion support package.
If you’re not sure what assistance may be available, don’t know who to contact for help, call the free government helpline on:
800 779-997 (8am-1pm, seven days a week).
MORTGAGE HOLIDAY AND BUSINESS FINANCE SUPPORT SCHEMES
The Government, retail banks and the Reserve Bank announced a major financial support package for home owners and businesses affected by the economic impacts of Covid-19.
The package will include a six-month principal and interest payment holiday for mortgage holders and small to mid-size enterprise customers whose incomes have been affected by the economic disruption from Covid-19.
LEAVE AND SELF-ISOLATION SUPPORT
The Covid-19 leave and self-isolation scheme financially supports workers to self-isolate, or stay home when sick with Covid-19. Helping businesses and workers to do the right thing.
The Covid-19 leave payment is available for people who:
- Need to self-isolate
- Cannot work because they are sick with Covid-19
- Cannot work because they are caring for dependants who are required to self-isolate, or who are sick with Covid-19.
Find out more and how to apply at workandincome.govt.nz
HELP WITH ESSENTIAL COSTS
If you’ve lost your job, can’t work at the moment or your income has been reduced, you may be able to get a benefit or some other financial help from Work and Income.
If you’re struggling to meet your living costs or had an unexpected bill we might be able to help you, even if you’re working. Even if you don’t think you qualify, contact us to talk about your situation.
Help may be available for urgent costs such as:
- Accommodation costs (rent, mortgage, board).
- Power, gas and water bills or heating.
- Medical and dental costs.
You can find more information about financial support (including eligibility criteria) at workandincome.govt.nz.
WAGE SUBSIDY SCHEME
Wage subsidies will be available for all employers that are significantly impacted by Covid-19 and are struggling to retain employees as a result. The subsidy now applies to all New Zealand employers, contractors, sole traders, self-employed people, registered charities and incorporated societies.
Wage subsidies will be available for businesses in all sectors and all regions that can show a 30% decline in revenue for any month between January and June 2020 compared to the year before (including projected revenue).
More information, including how to apply, on at workandincome.govt.nz.
BUSINESS CASH FLOW AND TAX MEASURES
Business cash flow and tax measures include:
- Increasing the provisional tax threshold from $2500 to $5000 from 2020-2021.
- Increasing the small asset depreciation threshold from $500 to $1000 the 2020-21 tax year.
- Allowing depreciation on commercial and industrial buildings from 2020-21.
- Removing the hours test from the In-Work Tax Credit (IWTC) from July 1, 2020.
Read more information about Covid-19 tax relief measures at ird.govt.nz.
WIDER $12.1BILLION PACKAGE
Other elements of the $12.1billion package include income support, and further investment in the health response. Read about the wider $12.1billion package at treasury.govt.nz.
SUPPORT FOR MAORI COMMUNITIES AND BUSINESSES
The Government has developed a plan to support Maori communities and businesses in the face of Covid-19.
This includes a whole-of-government approach to providing health, social and economic support tailored to meet the specific needs of Maori.
A whanau Maori community and marae package reprioritising $10million from the Maori Development vote to support community outreach, Maori Health and Whanau Ora response with $30million targeted directly to Maori Health services and an extra $15million to Whanau Ora commissioning agencies.
Supporting Maori businesses and engaging with Maori with $1million of funding to enable a needs assessment for Maori businesses, and $470,000 to Te Arawhiti to engage and work with iwi on their Covid-19 pandemic response plans.