From 10 June until 1 September 2020, if you have been affected by Covid-19, you can apply for the Wage Subsidy Extension payment, announced in this year’s Budget.
Like the 12-week Wage Subsidy (which ended yesterday), the Extension is so you can keep paying your staff, keeping them in your employment.
It is for companies, self-employed, contractors, sole traders, registered charities, incorporated societies, post-settlement governance entities, pre-revenue research and development start-up companies that are seed or venture capital backed. It is not for state sector organisations.
The Wage Subsidy Extension provides an 8-week payment per employee. Businesses must have experienced a minimum 40% decline (updated 5th of June from 50%) in actual or predicted revenue over the 30-day period. This period needs to be in the 40 days before you apply (but no earlier than 10 May 2020) and must be compared to the closest period last year. If you are a new business and can’t do this calculation, there are other calculations you can use.
Before receiving a subsidy, you must take active steps to manage the implications of Covid-19 on your business. This might include talking with your bank, making an insurance claim, or activating your business continuity plan.
We can check your eligibility and can apply on your behalf, to make it easier for you.
Contact us anytime, we can help you.