NZSA Covid-19 Security Update – Business Support and Resilience

New support for small to medium sized businesses

This week the Government has announced a set of new relief measures for small to medium sized enterprises (SME’s) during the Covid-19 pandemic.

The new measures include:
– greater flexibility for taxpayers in respect of statutory tax deadlines
– changes to the tax loss continuity rules
– a tax loss carry-back scheme
– measures to support commercial tenants and landlords
– further business consultancy support

The Government has already introduced a wide range of measures to assist businesses through the crisis. This includes the wage subsidy scheme, the Business Finance Guarantee scheme and a package of business tax changes. Whilst these measures apply to businesses beyond just SME’s, they provide substantial benefits to the SME sector.

More information can be found on the following websites:

The Beehive
IRD

 

Business consultancy support for NZSA members

The NZSA has formalised an agreement with leading financial advisors Smetric to provide Cash Flow Management and Business Support services to our members free of charge under the Government support package for business consultancy.

Smetric will provide funded advice that covers:
– Actions to stabilise cash flow during lock-down and in following months
– Scenario planning for the business post lock-down and developing strategies
– Review of customer base to ensure retention of as many customers as possible
– Review supply chain and resource continuity
– Review operational and capacity requirements post lock-down

This will enable the business to:
– Stabilise cash flow during and post lock-down
– Prioritise risks and quick wins
– Develop a 90 day plan to execute quickly and effectively

To qualify for the free support, members must meet a clear set of criteria (including less than 50 employees, were financially sound pre Covid-19, have been negatively impacted by the virus and anticipate being able to continue trading in a viable manner) and apply though the Covid-19 Business Support application process which is administered by the Regional Business Partnership Network. Smetric will guide you through this process.

For more information on Smetric and the services provided please refer to their website.

If you wish to take up this offer, please email Warwick at Smetric warwick@smetric.co.nz and request a proposal form.

 

Resilience strategies for coping with Covid-19

We are in challenging and stressful times and it is critical that business leaders consider how our thoughts and actions might help or hinder our own resilience and that of those around us.

It is easy to get wrapped up in our own issues and to lose sight of the difficulties and pressures that your most valuable resource, your staff, may be trying to deal with.

The attached guide prepared by Dr Lucy Hone and Dr Denise Quinlan of the New Zealand Institute of Wellbeing and Resilience provides great practical strategies that may assist both yourself and your staff in coping in the days and weeks ahead. We strongly recommend making this guide available to all staff.

Visit their website for advice about coping with Covid-19 and to access the resource guide.

We also stress the following message:

If over days and weeks ahead your distress or stress symptoms are escalating, or if you feel you are not coping, help and professional support is available. If you are in self-isolation, call HEALTHLINE first on 0800 611 116.

For support with grief, anxiety, distress or mental wellbeing, you can call or text 1737 to talk with a trained counsellor for free, 24 hours a day, 7 days a week.

 

NZSA HR Advice Line – 0800 HR LIVE or 0800 475 483

We remind our members that they can access free HR advice through the NZSA HR Advice Line on 0800 475 483 or nzsa@livewirehr.co.nz.

Rebecca from Livewire HR (our contract provider for the service) has prepared a list of commonly asked questions and responses specific to Covid-19, to access the questions and responses click here.

Stay safe and keep well.

From the NZSA team.