Economic Response Plan - Phase I, II & III
Note: The support measures listed below were specific to the Economic Response Plan (ERP) and from 1 July 2021 are no longer accessible. A limited number of support measures of the ERP were extended through the Economic Recovery Roadmap for 2021/22. Fact sheets for these measures can be found on the Economic Recovery Roadmap page under Business Support Measures.
Key Documents
The Economic Response Plan is aimed at supporting local business, and the livelihoods of those most affected by the economic impacts of COVID-19. Key Policies include:
-
Wage subsidies to help ensure that employers have the ability to keep their staff on the payroll;
-
Cash grants for businesses affected by COVID-19;
-
A reduction in employer and employee CINSF contributions from 5% to 3%;
-
A one-off welfare payment of $400 to eligible beneficiaries;
-
An unemployment benefit to be provided to all individuals who have become unemployed due to COVID-19; and
-
School closure support payment of $100 per child for each fortnight that school holidays are extended.
Details on each of the support mechanisms are available in the relevant factsheets. To receive the support, businesses must be registered with both CINSF and the Revenue Management Division of the Ministry of Finance and Economic Management, if you are not registered you have until 30 April 2020 to do so.
Performance
Plan Documents
-
Economic Bulletin April 2020 - Stimulus vs Austerity: Economic Response Plan
-
COVID-19 Economic Response Plan Summary (Maori - PARANI TUANGA MONI TAUTURU)
Fact Sheets & Q&A
-
COVID-19 Wage Subsidy Scheme Declaration (Preview of online form)
-
COVID-19 Business Grant & Wage Support Subsidy Application Process
Deputy PM Speeches
SMART Economic Initiatives
Performance Reports
-
SMART Economy Initiative - Performance as at 28 February 2023
-
SMART Economy Initiative - Performance as at 28 February 2022
Applications for the SMART Economy Initiative closed on 29 January 2021. Applications received after this date will now be assessed.
SMART AgriTech Scheme
Performance Reports
Applications for the SMART AgriTech Scheme closed on 29 January 2021. Applications received after this date will not be assessed.
-
2 July: Economic Response Plan brings interest relief for individuals and businesses
-
4 July: Business Continuity Credit Facility offers short term financial relief for private sector
-
7 July: Tax measures for private sector aim to stimulate private sector investment
-
15 July: SMART AgriTech Initiative seeks to boost Agricultural sector
-
16 July: Approved Training Providers for the Training Subsidy
-
18 July: ERP MYTH BUSTER #1 - COVID-19 Financial Assistance ends soon
-
21 July: ERP MYTH BUSTER #1 - COVID-19 Financial Assistance ends soon (Timeline Graphic)
-
25 July: ERP MYTH BUSTER #2 - The Government is about to run out of money
-
28 July: ERP MYTH BUSTER #2 - The Government is about to run out of money (Table Graphic)
-
1 August: THE BIGGER PICTURE: The Economic Development Strategy and Long-Term Economic Development
-
29 August: First Grant Funding Agreement under the SMART Economy signed
-
23 September: LAST CHANCE: Applications for BCCF loans close on 30 September 2020
-
30 September: Important changes to the Government Wage Subsidy
Business Continuity Credit Facility
Applications for the Business Continuity Credit Facility closed on 30 September 2020
Business Growth Loan Program
Business trading protection & Debt hibernation measures
The COVID-19 (Economic Response) Act 2020 provides businesses limited protection from creditor enforcement for three months. Businesses eligible for this protection include companies, partnerships, sole traders, and any other bodies whether incorporated or not. To obtain this protection your business must file a BDH Notice in the online Covid Registry on the Ministry of Justice website: COVID-19 BDH Registry.
Legislation