Covid -19 Impact

23 March, 2020

Covid 19 will impact us all. 

The media are keeping us well informed on the health and social aspects. We don’t know the full extent of the economic impact, but we do know it will be significant, and it will impact on all sectors of the economy. All businesses are now working on their continuity plans, and moving to work online / remote where possible, and implementing social distancing and additional cleaning. 

We are very aware that many of our tenants will be impacted. We want to do our best to assist where we are able. The team at Expedio are available to discuss any concerns you may have, and ways we can work together to get through this time. 

We are also developing and implementing our strategies for working remotely and avoiding contact with others. It is likely that by the end of this week all the team will be working remotely, and to date our remote working plans have implemented seamlessly. All our usual methods of contact (phone, mobile and email) are all working. 

It’s tough - we know. We know it’s hard to predict and plan what’s going to happen. Expedio is a business too - we have mortgages to pay and salaries to meet, as well as ensuring the continuity of normal service to our tenants. 

For the present, we would encourage businesses to review, understand and utilize what has been made available from the Government.  It is likely that the government will in time implement  even more in the way of business assistance packages. Your accountant should be able to guide you through what assistance you may be eligible for. 

Some useful links:

 

COVID-19 Economic Package announced

https://treasury.govt.nz/news-and-events/news/covid-19-economic-package-announced

Workplace response to coronavirus (COVID-19) » Employment New Zealand:

https://www.employment.govt.nz/about/news-and-updates/workplace-response-coronavirus-covid-19/

Government Covid 19 site:

https://covid19.govt.nz/

 

Staffing:

https://www.workandincome.govt.nz/eligibility/emergencies/2020/coronavirus.html

https://www.workandincome.govt.nz/products/a-z-benefits/covid-19-support.html#null

 

IRD:

https://www.ird.govt.nz/covid-19-novel-coronavirus/tax-relief/tax-relief-for-businesses

https://www.beehive.govt.nz/sites/default/files/2020-03/Business%20cashflow%20and%20tax%20measures%20factsheet.pdf

 

Banks:

BNZ:  https://www.bnz.co.nz/contact/covid-19-update?link=maincta#business-information

ANZ: https://www.anz.co.nz/here-to-help

Kiwibank : https://www.kiwibank.co.nz/contact-us/support-hub/coronavirus-updates/

Westpac –https://www.westpac.co.nz/who-we-are/covid-19/

ASB:  https://www.asb.co.nz/page/covid-19.html#business-support

 

Richard, Susan, Alan, Rachel  + the team at Expedio. 

THE BELOW IS WHAT ASB ARE OFFERING. We would expect other banks to offer similar:

Government Support Package

The New Zealand Government has released a package to help cushion the effect of COVID-19 on businesses and support the economy. The package includes a wage subsidy scheme, leave and self-isolation support and business cash flow and tax measures. Applications can be made on the website for the Ministry of Social Development. We are here to assist you when navigating the Government package options. 

Your financial wellbeing is our priority. As a result, business customers who have suffered major hardship as a result of coronavirus may require tailored support; we have a range of services available. 

Access

For customers seeking greater access to savings and new credit we have introduced the following:

  • Access to emergency funds via a 180‐day temporary overdraft facility of up to $200,000
  • Access to business working capital of up to $200,000
  • Early access to term investment funds in cases of hardship for customers that are eligible. 

ASB's lending criteria, terms and conditions applies.

Relief

For customers seeking relief from fixed financial commitments, interest costs and fees:

  • Defer loan payments for up to 6 months (interest will still be added to the loan)
  • The ability to restructure to interest only loans for 6 months
  • The ability to extend terms to reduce your repayment amounts
  • No establishment fees when establishing or re-documenting a home or business loan. Early Repayment Adjustment fees still apply
  • Refund default interest and any fees on accounts over their limit for 6 months
  • Line fee waivers on Commercial Credit Facility, Commercial Flexible Finance Facility and Business Overdraft for 6 months.  

ASB's lending criteria, terms and conditions applies.  

If you have questions or concerns regarding what coronavirus means for you personally or how it may affect your business, talk to us so we can understand and work through your individual circumstances.

We'll tailor options that meet your needs and work side-by-side through this challenge.