This afternoon the government announced further support for businesses that continue to be affected by COVID-19. We have outlined the two key takeaways below.
Extra 40,000 businesses to be eligible for wage subsidy extension. After feedback from businesses, the Government has announced the decision to change the required revenue drop threshold from 50% to 40%. Up to 230,000 businesses are now forecast to be eligible for the new 8-week scheme from 10 June, covering up to 910,000 workers.
Small business cashflow support application period extended. Small businesses are also being given more time to apply for the Small Business Cashflow Loan Scheme, with the application date being extended from 12 June to 24 July.
If you have any questions about the above, please contact us.