Government has announced a change in criteria from a 50% revenue drop to a 40% revenue drop. This means you must have had a revenue loss of at least 40% for a continuous 30 day period. This period needs to be in the 40 days prior to your application (but no earlier than 10 May 2020) and in comparison to the closest period last year.
- Applications are open from 10 June 2020 – 1 September 2020
- You can apply through Work and Income once your current 12 week Subsidy has finished
- You must have a Revenue loss of at least 40% for the 30 days prior to applying, compared to the similar period last year
- It will cover 8 weeks per employee
- Paid as a lump sum at the same weekly rate as the Wage Subsidy ($585.80 full-time, $350.00 part-time)
You must agree that you will:
- Pass the subsidy onto your employees
- Retain your employees for the duration of the subsidy
- Do your best to pay at least 80% of their normal pay
- Actively implement ways to reduce COVID-19 impacts on your business
If you're unsure whether Revenue has had at least a 40% drop in Revenue in the 30 days, contact us below and we'll help you get it sorted.