August 24, 2021
The re-emergence of Covid in New Zealand and the return of lockdown is impacting people in a myriad of different ways, whether it's financially, or because you're having to navigate the challenges of working from home while home schooling kids, managing the toilet paper stocks and stress-baking sourdough!
So we've compiled a few things that might be helpful for your finances as you navigate allthose challenges.
- Covid Resurgence Support Payment
If your business has experienced a 30% decline in revenue over 7 days as a result of the Level 4 lockdown, you may be eligible for the Covid Resurgence Support Payment. It’s a $1,500 payment per business, plus $400 per employee, up to a maximum of 50, (or 4x the actual 7-day revenue decline – whichever is less).Check out the eligibility criteria and apply here.
- Wage subsidy
The wage subsidy is also available at levels 3 and 4 to help keep people in work – however you can’t get more than one Covid payment for the same employee at the same time. The wage subsidy provides $600 a week for each full-time staff member and $359 a week for each part-time worker for a period of two weeks. Check out the eligibility criteria and apply here.
- Other support schemes
There is other support available, including small business cashflow loans and leave support here - and remember enable.me’s business coaches can also support you - if you'd like to book a consultation to see how, you can do that here.
The banks had already started raising interest rates, in anticipation of the Reserve Bank being about to start hiking rates, but following the surprise lockdown news last week the central bank decided to leave the Official Cash Rate on hold at 0.25%. But will it stay there for long? Have a listen to enable.me founder Hannah McQueen discussing interest rates and what it means for mortgage holders on Newstalk ZB. If you need help getting a strategy in place to structure your mortgage and get rid of it faster, we can help! It starts with a 90-minute financial consultation, which you can book here.
As you’ll know, the property market went mental after the last nationwide lockdown and prices surged some 34%. So, is the property market likely to surge further post this latest lockdown? Have a read of economist Tony Alexander’s take on the property market's prospects here.
We're here to help you make financial progress whatever the alert level - we're all working from our home offices, I mean, where else can we go?!
In the mean time, make sure you keep an eye on the locations of interest and get a test if you’re unwell – so we can all get out of lockdown as soon as possible!