Targeted Extension to Wage Subsidy Scheme

As part of Budget 2020 the government nnounced an extension to the COVID-19 wage subsidy scheme, available from 10 June 2020.

Applications will be made through the MSD website and will be open for a 12 week period.

To be eligible businesses need to have suffered, or expect to suffer, revenue loss of at least 50 per cent for the 30-day period prior to the application date versus the nearest comparable period last year.

Payments will be paid as an 8-week lump sum to employers using the same rates as the current scheme.

High Growth, New Firms and Pre Revenue R&D Start Ups

High growth and new firms continue to be eligible, as they are under the current scheme.

Eligibility is expanded to include pre-revenue R&D start-up firms that are recognised by Callaghan Innovation.

Short Term Temporary R&D Loan Scheme

Also launched today is a short-term temporary loan scheme to incentivise businesses to continue R&D programmes that may be at risk due to COVID-19. The loans will provide one-off finance and will be administered by Callaghan Innovation. Further details are yet to be released.