The team at Nexia NZ are working hard to support local businesses through COVID-19. The nature and depth of the COVID-19 crisis is unprecedented in our lifetime, and the Government response to support business has equally been wide ranging.
We have outlined below some of the ways we are working with businesses to ensure their ongoing viability.
1: Cashflow Management
Cashflow management is an important task for every business and is critical in a time of crisis. To ensure a successful business, owners need to know not only what tomorrow looks like but also plan their future direction and assess how cash impacts on business viability. Click here for more information.
2: Business Continuity Planning
A business continuity plan is a proactive plan which outlines procedures and instructions a company will follow should it be faced with a disruption of operations. The plan aims to achieve a process of prevention and recovery from potential threats. In these challenging and uncertain times, it is especially important to review your business continuity plan. Click here for more information.
3: Regional Business Partners Network: COVID-19 Business Advisory Funding
The New Zealand Government has allocated additional funding to the Regional Business Partner Network (RBPN). This additional funding will support New Zealand businesses and service providers to access professional advice during the COVID-19 pandemic. Click here for more information.
4: Business Finance Guarantee Scheme
This scheme has been set up to support businesses who have been negatively affected by COVID-19. It offers a total of $6.25 billion in loans to New Zealand businesses, the Government is guaranteeing 80% of the risk, with banks covering the remaining 20%. The scheme was established to encourage lending to businesses that may fit a higher risk profile and that may otherwise struggle to find finance. Click here for more information.
5: Small Business Cashflow (Loan) Scheme
The Government announced a further initiative to support small to medium business owners struggling because of loss of revenue as a result of COVID-19. The Small Business Cashflow Scheme is an initiative that will allow for interest free lending. Click here for more information.
Nexia New Zealand Covid-19 Business Insights:
Nexia New Zealand have a team of specialists across Taxation, Insolvency and Turnaround, Business Advisory who have provided some information to assist you through Covid-19.
Covid-19 Advice Page: Click here for more information
Insolvency and Turnaround:
At Nexia NZ, we have a large team working directly with local businesses on their response to COVID-19. We are also providing information via our dedicated COVID-19 website, which is being updated with all the latest information.
If you have any questions, please speak to a Nexia NZ advisor, or click here to get in touch with us.