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A billion dollar milestone is about to be passed as government cash flow support rolls out to small businesses through interest-free loans.
“This Budget is about creating jobs. We know how businesses and workers have been impacted by this global pandemic. This Government is backing businesses to regain the confidence to invest as we work together to grow the economy in the face of this global recession,” Finance Minister Grant Robertson said.
Millions of dollars in cash support has begun flowing to businesses through the largest tax refund package in modern New Zealand history.
The Government will provide interest free loans for a year to small businesses impacted by the COVID-19 economic shock to support their immediate cashflow needs and meet fixed costs.
A significant package of tax reforms will be pushed through all stages in Parliament today to throw a cash flow lifeline to small businesses.
The Coalition Government is backing Kiwi companies to innovate and grow by making it easier to invest in new assets and business models, and giving start-ups a better shot at success.
The Government is to close a loophole that gives offshore companies an advantage by not requiring them to collect GST on all goods sold to local consumers.
- Hon Meka Whaitiri
Support for small businesses through a payroll management subsidy is to continue for a further two years.