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This package was increased to include all businesses and to remove the $150,000 salary cap for any individual business.
In the past few months, the world’s economy has been severely hurt by the outbreak of COVID-19. In many countries, businesses have been shut down by governments seeking to prevent the spread of this deadly disease. Sectors that have been particularly affected are tourism and hospitality but everyone feels the flow-on effects of forced isolation and reduced consumer confidence.
In an effort, to prop up the New Zealand economy the government has released the NZ Business Support Package. This is a $12.1bn relief package for New Zealanders. It is one of the largest packages in the world per capita.
You can read more detail on the government website: https://www.beehive.govt.nz/release/121-billion-support-new-zealanders-and-business
For definitions of these qualifications, see the information under the Definitions for Wage Subsidy qualifications.
The subsidy is paid as a lump sum and covers 12 weeks per employee. It can be used for wages only. The aim is to help employers key their staff and ensure future viability of the business.
The Ministry of Social Development will be processing applications as quickly as possible. They are aiming to make payments 5 working days after the application is approved.
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