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Debt Relief Extension A Welcome Boost For Businesses And Staff

BusinessNZ says a 10-month extension of rules allowing businesses to put their debt on hold will give confidence to companies and their employees.

The Government introduced the debt hibernation scheme earlier this year as part of relief measures aimed at cushioning the economic impacts of the pandemic. The scheme allows businesses to place their existing debts on hold.

BusinessNZ chief executive Kirk Hope says he is heartened by the Government's focus on the economic preservation and recovery from the global shock of Covid-19, which needs to be treated with the same urgency as the health response.

"This extension will certainly give businesses going through hardship peace of mind going forward and assist with the ongoing economic recovery.

"While New Zealand’s economy appears to be on the road to recovery, the impacts of the pandemic are far-reaching and there are pockets of businesses in various sectors that need continued support to keep their doors open."

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