The Budget yesterday offered some further assistance for businesses facing severe issues due to Covid-19. The main purpose of the budget is to protect current jobs and create new ones to reduce unemployment from a projected peak in June 2020 of 9.6%, back to the current 4.2% level, and grow the economy from 1 July 2020.
- The Wage Subsidy Scheme has been extended for a further eight-week period, to follow on from the first twelve-week scheme, for those businesses who have suffered a 50% reduction in turnover for the 30 days prior to the application, compared to last year.
- A short-term temporary one-off finance loan scheme is to be launched to support businesses to continue R&D programmes – administered by Callaghan Innovation.
- NZ Trade and Enterprise has been given funds to assist exporting firms and money has been earmarked for small businesses to improve their e-commerce capability.
- $400 million injection into the Tourism Recovery Plan.
- 11,000 environment jobs to be created.
- 8,000 additional public and transitional homes to be built.
- Trade and enterprise package to provide opportunities for trades training.
Plus funds for infrastructure investment.
For the full budget