The wording of the lease will be critical to determining rights commercial tenants have to relief from paying rent and outgoings during the lock-down period.
Legal advice is crucial before taking action.
Home-owners who have had their income disrupted by COVID-19 will be entitled to a 6-month mortgage payment holiday, but they should carefully consider whether a mortgage holiday is necessary because it will lead to a greater liability in the future.
Employers can apply for a lump sum payment for their employees over 12 weeks if they have experienced a 30% actual or predicted decline in revenue due to COVID-19, over the period of a month when compared to a month last year.
Before bringing a contract to an end on the grounds of frustration we strongly recommend you to talk to one of our commercial lawyers to avoid being held liable for breach of contract.
In this article we’ve summarised the process that we as a business have been through and recommend other businesses follow to keep agile and weather the COVID-19 storm.
A $6.25 billion scheme is available for lending to small and medium-sized businesses with an annual turnover between $250,000 and $80 million per annum.
We’ve been giving a lot of thought to how Gibson Sheat might be able to help you with the challenges you might face in the coming period. Keep an eye out for our updates on this.
The Employment Court has recently clarified one of the many complicated sections of the Holidays Act - the calculation of payment for bereavement leave, alternate holidays, public holidays and sick leave.