Business / Money

Covid-19 wage subsidy: More than $140m paid out in latest lockdown

08:53 am on 19 March 2021

More than $140 million has been paid out to businesses in the latest version of the Covid-19 wage subsidy scheme.

Empty Auckland streets at the start of alert level 3 in February. Almost 46,000 wage subsidy applications have been approved so far Photo: RNZ / Robert Smith

The scheme was triggered when Auckland went into alert level 3 for seven days at the end of February, and the rest of the country went into level 2.

So far, almost 46,000 applications have been approved, with almost $144m paid out.

The subsidy of $585 a week for full-time staff, and $350 for part-time staff, helps employers cover their wages over a two-week period.

To be eligible, businesses must have experienced a 40 percent decline in revenue because of the alert level change, compared to a typical two-week period in the six weeks before the alert level changes.

Applications close at midnight on Sunday.

$14 billion was paid out under the original wage subsidy scheme, announced during last year's nationwide lockdown, and the two subsequent schemes.