New scheme aims to shore up small and medium-sized businesses

The Government and the banks will implement a $6.25 billion Business Finance Guarantee Scheme for small and medium-sized businesses, to protect jobs and support the economy. It will provide short-term credit to cushion the financial distress on solvent small and medium-sized firms affected by the COVID-19 crisis.Finance Minister Grant Robertson says retail banks have agreed a six month mortgage repayment holiday to households whose income has been affected by Covid-19. Kiwibank Chief Economist Jarrod Kerr joins Kathryn to discuss.