We’ll continue to update this page with resources and information as new details emerge in the world’s response to COVID-19.
It’s been a rocky start to the new decade for New Zealand businesses. Businesses are now having to face cancelled events, dwindling customers and supply chain disruptions as a result of the coronavirus outbreak. It’s taking a real toll on companies, particularly SMEs.
If you’re a business owner and facing financial issues as a result of the pandemic, there might be low or no-cost financing options that can help. Find out more about what business loan options are available during the coronavirus outbreak below.
Where to find financial help for your business during the coronavirus outbreak
The IRD, New Zealand government and banks are offering businesses various forms of support during this time of crisis.
Business owners who are struggling as a result of coronavirus impact are being offered help by the IRD, depending on your circumstances. If you need help paying your existing and ongoing tax liabilities for your business, you can contact the IRD to discuss your options.
New Zealand Government
The government has announced an initial $12.1 billion coronavirus relief package (since expanded), which sees small businesses benefit from cash handouts, tax relief and business loan holidays.
This package allows banks to defer principal and interest payments for loans to small businesses for six months if they have been affected by COVID-19. Banks can also choose to offer more favourable and tailored terms to small businesses who experience financial hardship.
Businesses with existing loans are encouraged to get in touch with their bank if they haven’t been contacted about their loans yet.
How to protect your business and employees during the coronavirus outbreak
All businesses not classed as essential were asked to close as part of the Level 4 lockdown. As a business owner, it’s your responsibility to take measures to protect your employees during this time.
Send sick employees home. This one goes without saying, but if someone is showing symptoms, they should be sent home immediately. This is still applicable, even at Levels 1 to 3.
Remote working. If your employees can work from home, it’s advisable to allow it. People can carry the virus without showing symptoms. Slack, Zoom and Skype are your new best friends.
Disinfect the workplace. If your employees can’t work from home, it’s essential to keep a clean environment. Ensure that common areas and surfaces are clean, especially door handles, desks and keyboards. Plus, stock up on liquid soap and hand sanitiser.
Leave reminders on hygiene. While most people shouldn’t require a reminder, some may. Hang posters reminding employees to wash their hands frequently and sneeze and cough into tissues. Encourage employees to avoid handshakes and contact where possible.
Apply for financing. Even if you’re unsure as to whether you may need finance right now, things can take a turn for the worse very quickly. Ensure the safety of your employees by applying for a government grant, interest-free loan or business loan.
Compare small business loans
Frequently asked questions
Eligibility for a loan or business grant is generally based on the circumstances of your business, rather than your personal credit history. However, having bad credit may affect the likelihood of you being accepted for finance. Fortunately, bad credit business loan options are available.
If you can. If you can’t the IRD will write-off any penalties and interest.
Yes. However, the government recommends that people facing unemployment ought to try and seek out alternative employment as soon as possible, rather than claim benefits.
Need to save some quick cash?
If you’re struggling to keep up with your finances – you’re not alone. You can save plenty of cash by doing some simple admin with your bills and expenses. Maybe switching credit cards or downgrading your mobile phone plan could save some money.
Managing your daily finances can help you get through this difficult time – You’ll be glad you did it.
Bria Horne is a writer for Finder, with a specialist knowledge of personal loans, car loans and business loans. Originally from the UK, Bria has been a professional personal finance writer in Australia for over 2 years. She has an M.A and B.A in Philosophy and Literature from the University of Sussex, and previously worked on the UK’s leading hospitality publication.
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