Money - Jeremy Tauri: Most of all, don't panic over Covid-19 shockwave

Jeremy Tauri.

Jeremy Tauri Jeremy Tauri is an associate at Plus Chartered Accountants.

News that Covid-19 has been found in the community again has sent a shockwave through many businesses.

Even if you aren't in Auckland, this episode has been a reminder to many people of how quickly life can change, and it's totally out of your control. It's natural to feel a bit panicked about the idea of dealing with the possibility of another lockdown.

But it's important to take things one day at a time, focus on what you can control in your business right now and what support you can lean on to get you through. Your team will be looking at you to make calm and safe decisions for them.

The regional business partnership scheme is still operating around the country and allows businesses to access funding for things such as business planning, marketing and even wellbeing support.

Your local chamber of commerce will be able to direct you to assistance and advocate for needs for your region.

The second tranche of the wage subsidy is open for applications until the end of August. If your business revenue has dropped by 40 per cent in a 30-day period within the last 40 days, you can apply.

The mortgage holiday scheme has been extended, which may be a relief to some people who were worried about the state of their home loans.

You can still apply for the Inland Revenue administered loan for businesses with up to 50 fulltime employees. The interest rate on this is 3 per cent but if you pay it back within a year you won't be charged. You don't have to make any payments for the first two years.

There are also various subsidies available for support for new staff — keep an eye on official websites such as the MSD for updates and changes

The worst thing that you could do is panic. There is a lot of support and assistance available. Call on your networks and the official support systems available and start to draw up a plan to get through.

Jeremy Tauri Jeremy Tauri is an associate at Plus Chartered Accountants.