COVID-19 support options

11 May

Welcome to Kendons' May 2020 Update

Our team will be returning to the office this Thursday 14th of May. As we move into Level 2, this update covers some of the key support schemes available to businesses:

Interest-free loan scheme for small and medium enterprises
Changes to the Business Finance Guarantee Scheme
Don't forget to apply for the Business Support Subsidy!
New way of working at Kendons in Level 2
Golden rules for business at Alert Level 2
Need cashflow right about now?

To access any of the COVID-19 support options or discuss which schemes are best maximised for your business, please contact us by calling 343 4448 or email kendons@accounting.co.nz. Don't go it alone - we are here to support you through this time.

Interest-free loan scheme for small and medium enterprises

Businesses, including sole traders and the self-employed, may be eligible for a one-off loan if they have been adversely affected by COVID-19. The Small Business Cashflow Scheme is backed by the government and aims to help enterprises meet their immediate cash flow needs and fixed costs.

What is involved?

Businesses can apply for $10,000 plus $1800 per equivalent full-time employee.
An annual interest rate of 3% begins from the date that the loan is provided.
Interest will not be charged if the loan is fully paid back within one year.
Repayments of the principal and interest are not required in the first two years.
Maximum loan term of 5 years.
Applications will be open from 12 May 2020 to 12 June 2020 inclusive.

Eligibility

The scheme is for businesses with 50 or fewer employees.
Businesses must declare they are viable and will use the money for core business operating costs.

The Small Business Cashflow Loan scheme is available now. You can apply via your business' myIR login. Read more here.

Changes to the Business Finance Guarantee Scheme

The Government, in partnership with participating approved banks, will support targeted new loans (including increases to existing limits) to eligible businesses. Updates made to the scheme announced on 1 May 2020 mean it is now available to more businesses. These changes include:

removing the requirement for a general security agreement,
removing the requirement for businesses to have drawn down on existing loan facilities before applying,
removing the $250,000 lower revenue limit, effectively including more small businesses,
including farmers within the scheme,
moving the date that customers must not be on a banks watchlist from 28 February to 31 January.

Don't forget to apply for the Business Support Subsidy!

Kendons is proudly registered to provide services offered under the Regional Business Partner Network's COVID-19 Business Advisory Fund, in association with ChristchurchNZ. These services include:

Business Continuity Planning
Finance and Cashflow Management

You may be eligible for up to $3,000 worth of 1:1 specialist advice to support the continuity of your business through the COVID-19 outbreak and beyond. These services must be initiated before the end of June 2020. Find out more by visiting: www.regionalbusinesspartners.co.nz

New way of working for Kendons in Level 2

We are committed to doing business safely and will have the following measures in place:

Regular cleaning and sanitation of surfaces
Contact tracing - please make sure you have QR reader enabled on your phone.
If you come to the office for an appointment, please wait in your car, ring when you get here and we'll let you know when to come up.

For those that prefer to stay away, we will still be offering Zoom meetings. For any questions, please contact the office.

Golden rules for business at Alert Level 2

As we move into Level 2, we need to do everything we can to reduce the risk of COVID-19 transmission at work. Read here for the Government's guidelines for operating a business at Level 2.

Need cashflow right about now?
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Kendons Directors