Click here for COVID-19-Income-Support-Decision-Tree
For businesses availing of the wage subsidy scheme we recommend that you maintain documentary evidence to support your entitlement to the scheme:
Companies should maintain minutes of a directors meeting. (If directors social distancing from each other, this can be held by phone/video conferencing).
Document what evidence was reviewed when assessing the likely projected turnover and inability to meet overheads;
- Look at up to date bank balance & have attached to minutes;
- Do up projections for Q2 (e.g. If no or minimum orders in now, then unlikely to be many during the next period)
- Estimate your monthly running costs & loan repayment capabilities;
- If you have approached bank for forbearance document this fact;
- Show if Directors have taken pay cuts;
- Documenting the fact that customers are not paying – O/s debtors;
- The trade has ceased at time of going into it;
- The costs versus the expected T/O during the period;
- Up to date management accounts (if available).