Question :
Income, Revenue, Turnover which one?

Hi, I also would like to thank you for helping us. Can you advise me on what is the figures we should be working on when calculating for the subsidy. I think I know what the difference between Income, Revenue and Turnover but which one we should be using for the subsidy calculations. We applied for the wage subsidy during level 4 because we expected a big drop in revenue as we had half our staff on lockdown, however we also got extra work for other staff to do security at various sites so our total revenue did not drop as much as expected. But because the wages costs increased dramatically our net income was well below the 30%. Now we are in the situation that all staff are back to work (with reduced hours) but we don’t have enough work coming in to keep them busy PLUS the extra work that was required during the lockdown has ceased completely so it looks like our net income will be below the 50%. We also had the situation that a lot of payments came in during March but started stopping in April so the roll on effect isn’t going to be fully obvious till probably the end of June. Do you think we can still allpy for the subsidy extension.

Question submitted 28/05/20 @ 02:10pm
Industry: COVID-19 Funding & Support
  • Up

    Hi Colin, Revenue means the total amount of money a business has earned from its normal business activities, before expenses are deducted. I would note for the initial subsidy, the 30% or greater decline in revenue needs only to have occurred over 1 month between January and 9 June and not the entire 12 week period covered by the wage subsidy. For the wage subsidy extension, the 50% decline in revenue needs to have occurred in the 30 day period prior to applying when compared to the closest equivalent period last year. All the best.

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