The IRD still has financial support available for those businesses affected by Covid-19. Applications close on May 5th, so there is still a few weeks left to apply. You can check out all the details in this summary from the IRD.
The IRD has put together the following info on the current Covid Support Payments that are available:
Three fortnightly COVID-19 Support Payments (CSP) will be available.
- Applications for the first payment are open for the period beginning 16 February 2022 and ending 4 April 2022.
- Applications for the second payment are open for the period beginning 7 March 2022 and ending 4 April 2022.
- Applications for the third payment are open for the period beginning 21 March 2022 and ending 4 April 2022.
Please note that applications for all 3 CSPs will close on 5 May 2022.
The CSP is a payment to help support viable and ongoing businesses or organisations which have experienced a 40% or more drop in revenue as a result of 1 or more of the following COVID-19 circumstances:
- the widespread presence of COVID-19 in the New Zealand community
- the public health legislative measures taken in order to reduce the spread of COVID-19 in the New Zealand community
- any business circumstances that are, or are reasonably likely to be, a consequence of the circumstances described above.
The COVID-19 circumstances include but are not limited to:
- businesses not being able to operate to usual levels due to staff having to self-isolate
- businesses impacted by New Zealand based supply chain disruptions
- lower retail and recreation movements in a region (for example in a CBD) due to customers working from home or self-isolating.
They do not include circumstances where businesses, which are able to operate under the Red setting of the COVID Protection Framework, but have chosen to close temporarily without taking all reasonably practical steps to minimise their revenue losses. Additionally, they also do not include business circumstances that are a result of any border restrictions imposed or any overseas related impacts of COVID-19 such as global supply change issues, lack of overseas travellers or customers.
Applicants will not be eligible for the CSP where they:
- have not taken all reasonably practical steps to minimise revenue losses
- are a regulated business or service under the Covid Protection Framework and are not complying with the COVID-19 Vaccine Certificate requirements (where applicable).
- are a self-employed individual that has received, has an application pending for, or is going to apply for or receive in future, funding under the Cultural Sector Emergency Relief Fund: Grant for Self-Employed Individuals administered by Manatū Taonga – Ministry for Culture and Heritage (this only relates to the first CSP and not the second or third CSPs).
Each CSP payment has an affected revenue period
The affected revenue periods for each CSP payment are as follows.
- First CSP – 16 February 2022 to 4 April 2022.
- Second CSP – 7 March 2022 to 4 April 2022.
- Third CSP – 21 March 2022 to 4 April 2022.
To work out a drop in revenue, you compare the revenue in an affected revenue period to the revenue earned in the comparison period. The comparison period is a typical 7-day revenue period in the 6 weeks between 5 January 2022 and 15 February 2022. Alternatively, you can use a typical 7-day revenue period in the 6 weeks between 5 January 2021 and 15 February 2021.
Please note that this alternative comparator period (5 January 2021 to 15 February 2021) will be available for applications made from 14 March 2022 onwards, for all three CSPs.
This information is from the IRD website – so if you to find out more you can head over and check it out.
If you have any other questions feel free to reach out and get in touch with your Sidekick!