Finance Minister Grant Robertson today announced additional funding of up to $3.2 billion in Budget 2020 for a targeted extension of the Wage Subsidy Scheme.
The targeted extension provides for a further 8 weeks of payments after the Wage Subsidy Scheme ends on June 9. To be eligible for the extension, firms must meet current wage subsidy requirements and must be facing revenue decline of greater than 50 percent in comparison with a comparable period last year.
High growth and new firms will also be eligible, as will pre-revenue R&D start-up firms that are recognised by Callaghan Innovation. The inclusion of R&D start-ups in the scheme will provide support to firms which are important to the economic recovery.
Applications for the targeted extension are open for a 12-week period from June 10 and will be paid as an 8-week lump sum to employers at the same weekly rates as the current scheme. The Ministry of Social Development will administer this scheme.
The announcement made by the Minister of Finance and Minister of Social Development is available on the beehive.govt.nz website.
More information can be found on the Ministry of Social Development’s website: workandincome.govt.nz