Since the onset of the pandemic, we have kept website visitors and our clients up to date on the financial supports that are available from public bodies for businesses in Ireland.
The announcement earlier this week that indoor dining will not be reopening has come as a blow to the licenced trade and restaurant sector. However, the Taoiseach was keen to stress the supports that are available to these, and other businesses, to support them at this time.
We have created a list of some of the most popular supports that we have been helping our clients to apply for. We have listed them below. Remember that my team and I are available to help you to access these supports. If you would like our help, just fill out the form at the end of this page.
The following financial supports are available to businesses and employees affected by the COVID-19 pandemic.
Employment Wage Subsidy Scheme
Under the Employment Wage Subsidy Scheme (EWSS), you can get a flat-rate subsidy per employee, if your turnover has fallen by 30%. The EWSS has been extended until 31 December 2021.
COVID Restrictions Support Scheme
The COVID Restrictions Support Scheme gives qualifying businesses a cash payment of up to €5,000 a week. The CRSS has been extended until 31 December 2021. This scheme applies when Level 3 or higher restrictions are in place.
Business reopening after a period of closure can also apply for a reopening grant of up to €30,000 (payable to a maximum of €10,000 per week for 3 weeks).
Business Resumption Support Scheme
A new Business Resumption Support Scheme (BRSS) was announced under the Economic Recovery Plan for Ireland to support vulnerable but viable businesses in sectors that were significantly impacted throughout COVID-19.
The BRSS will be introduced in September 2021 for businesses whose turnover is reduced by 75% in the reference period (1 September 2020 to 31 August 2021) compared with 2019. The BRSS will be administered by Revenue and will operate in a similar way to CRSS.
Talk to us today, if you feel that this might be relevant for your business.
A range of other supports for businesses affected by COVID-19 are available.
COVID-19 Credit Guarantee Scheme
The COVID-19 Credit Guarantee Scheme provides loans from €10,000 and €1 million for terms up to five and a half years. The size of the loan is linked to business turnover (25% of 2019 turnover) or wage costs (double annual wage bill in 2019).
The Scheme is operated by the Strategic Banking Corporation of Ireland (SBCI) through participating lenders.
Small Business Assistance Scheme
The Small business assistance scheme (SBASC) gives grants to self-employed, sole traders, partnerships and companies with an annual turnover of at least €20,000.
Qualifying businesses with a turnover between €20,000 and €49,999 can get a grant of €1,000. Qualifying businesses with a turnover of €50,000 or more can get a payment of €4,000.
Businesses operating from non-rateable premises (such as a home business) are now eligible for the scheme.
To qualify for SBASC, you must be ineligible for CRSS, Fáilte Ireland Business Continuity Scheme or the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media’s Live Performance Support. You must have a reduction in turnover of at least 75%. Read the rest of the qualifying criteria.
Phase 2 grant applications close on 21 July 2021. If you would like to access this, time is of the essence.