An look into the initial impact of Covid-19 on small businesses
An look into the initial impact of Covid-19 on small businesses
4 June 2020
Xero has released its Small Business Insights, showing a 10 percent fall in year-on-year revenue in March - then a 34 percent drop in April.
New Zealand and Pacific Islands director Craig Hudson says revenue began to fall after New Zealand's first confirmed Covid-19 case.
He says a four percent drop in small business jobs was surprising because of how quickly the wage subsidy scheme was introduced.
Hudson says that equates to about 24-thousand jobs - and they went quite early in the process.
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