Helping Each Other Through the Tough Times
Right now, we are all feeling the impact of the global pandemic and our Alert 4 lockdown. The only local construction businesses now operating are those working for essential services such as works in progress or repairs to essential services businesses and healthcare providers.
It is important to remember that we are all in the same boat, we are all affected and in lockdown together in our own bubbles. So now, more than ever, is the time that we can reach out, support each other and help each other get through this time together.
Here are a few options and ideas to help you through this challenging time...
Assistance from IRD
Fortunately our government is working hard to establish some great packages very quickly to help us not only get through this period but return to normal business operations as quickly as possible too – although everyone is in agreement that we are going to be looking at a “new normal” when we exit this lockdown period.
Click through to the IRD website here to review and access any of the financial assistance available. Most businesses we know have already applied for the wages subsidy plus many will be applying for the extra business assistance package (yet to be announced in full detail) for those showing a 30%+ downturn over this period.
We are also pleased to see the IRD is waiving any penalties through this period for late payment of any tax payments but do ask that everyone continue to lodge their returns as normal even if they are unable to make the payment in full or on time.
Assistance from Banks
There is also additional assistance available from your bank with further details to be announced. You can contact your bank to discuss moving your mortgage (and some banks will be offering this on business loans as well) onto interest only or request a 6mth mortgage holiday.
We recommend you take extra care when considering a mortgage holiday as the interest compounding could add up to an extra 2.5yrs on the term of your loan which is effectively all interest.
Consult Your Accountant First
It is always a good idea to seek financial advice from your accountant before agreeing to any changes with your bank or the IRD.
If you don’t have an accountant then you may consider talking with Team Provider, Young Read Woudberg here.
What We're Doing
Here are some of the initiatives our directors are implementing in their efforts to maintain business continuity:
- Talking with the banks
- Talking with landlords
- Re-doing all our budgets with likely and worst-case scenario
- Planning what is required to restructure the business under these scenarios
- Doing everything we can to set up/secure work for when we get back so that we can get going as quickly as possible
- Focusing on jobs that are most likely going to be accelerated
- Staying in touch with our customers
- Talking with our suppliers
- Staying in touch with our staff
Let’s Help Each Other
It is clear from the conversations we are currently having with our Team Providers and Team Builders that everyone is completely focused on this pandemic and the impact it is having on our lives and our businesses.
Now is the time to be helping (remotely) and looking out for each other. We need to take care of one another, stay connected and just check in with each other from time-to-time. Pick up the phone, send a friendly email, connect on social media – self-isolating does not mean we need to be socially isolated.
We can shout out a friendly ‘Hello’ as we bike or walk down our local street for some much needed fresh air. Small acts of kindness like this may make a real difference to someone else’s day and it will certainly make a difference to your own.