There are number of supports available for business owners to help them during COVID-19. There are financial support schemes and other supports to help if your business is unable to operate in this situation. You can get advice from your accountant or use the advisory support from your Local Enterprise Office (LEO). The financial supports available are:
Employment Wage Subsidy Scheme where you can get flat rate subsidy per employee, if the turnover of your business has a depreciation of 30%
Covid Restrictions Support Scheme (CRSS) gives qualifying businesses a cash payment of up to €5,000 a week. The scheme applies when Level 3 or higher restrictions are in place. You can also apply to Revenue if your business are either closed to customers or substantially restricted in operating due to COVID-19 restrictions. Restrictions have eased since 10 May and will ease more in June. Businesses can claim for double restart payments for 2 weeks (up to a maximum of €5,000 per week) to help you with the costs of reopening as you exit the scheme.
Covid 19 Online Retail Scheme where Irish retailers can apply for funding to develop a digital strategy and enhance their website and online capabilities. Eligible applicants can get up to 80% of the project eligible costs, with a maximum grant of €40,000. You can apply for the scheme until midday, 25 May 2021.
Loans, Grants and Vouchers
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 were there is 25% turnover in 2019 or wage costs were 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 provides grants to self-employed, sole traders, partnerships and companies with a annual turnover of between €50,000 and €25 million. Qualifying businesses can get two payments of €4,000. You must be ineligible for CRSS and you must have a reduction in turnover of at least 75%. You can apply online through your local authority. Applications for the first grant payment closed on 21 April 2021.
Covid 19 Business Loans are available upto €25000 through Microfinance Ireland. There are no repayments for the first 6 months and the equivalent 12 months interest-free subject to certain terms and conditions. The loan terms are typically up to 3 years and there are no fees or charges. The loan is open to sole traders, partnerships and limited companies with less than 10 full-time employees and annual turnover of up to €2m. Application could be done through the MFI website and through your Local Enterprise Office.
Covid 19 Working Capital Scheme provides loans from €25,000 to €1.5 million which are available to SME’s and small MidCap enterprises, who meet the eligibility criteria. Loans have a maximum interest rate of 4% and the first €500,000 borrowed can be unsecured. You can apply through the SBCI website.
Trading Online Voucher Scheme worth up to €2,500 is available through to help small and microenterprises get online. A second voucher of up to €2,500 is also available. Contact your Local Enterprise Office for more information and application details.
Enterprise Support Grant will be available if you were getting the COVID-19 Pandemic Unemployment Payment (PUP), Jobseeker’s Benefit or Jobseeker’s Allowance and are reopening your business. The grant, worth up to €1000, is aimed at sole traders who do not pay commercial rates and, therefore, do not qualify for the CRSS or similar restart grants. To apply, download the COVID-19 ESG 1 application form and return it your local Intreo Centre.
Future Growth Loan Scheme is available to businesses in Ireland, including those in agriculture and fishing sectors. Loans are available from €25,000 up to €3,000,000 for terms of between 7 and 10 years. The loans have a maximum interest rate of 4.5% and the first €500,000 borrowed can be unsecured. You can get more information on how to apply from the SCBI website.
COVID-19 Business Financial Planning Grant will be available from Enterprise Ireland of up to €5,000 to help you develop a Business Sustainment Plan and to engage the services of an approved Financial Consultant. For more information and to apply contact Enterprise Ireland.
Live Performance Support Scheme is aimed at established commercial producers and promoters. Funding is provided to help employ artists and musicians of all genres, performers, technicians and other support staff in the live performance sector. Awards will range from €10,000 and upwards for live events that take place on or before September 2021. You can get more information on the qualifying criteria and how to apply. Applications closed on 14 April 2021.
Sustaining Enterprise Fund is aimed at firms in the manufacturing and international services sectors with 10 or more employees. The fund is operated by Enterprise Ireland and provides advances of up to €800,000 which are only repayable when a business returns to good financial health.
Apprenticeships Incentivisation Scheme provides a €3,000 payment for each new apprentice, to support employers to take on new apprenticeships until the end of June 2021. You can get more information from Solas about how to apply.
Cross-border companies can get professional advice on COVID-19 challenges up to the value of €2,250 from InterTradeIreland’s Emergency Business Solutions. Under the E-Merge programme, you can get €2,800 in consultancy support, to help your business develop online sales and eCommerce solutions.
Rates waiver and tax measures
These are available to help businesses reduce their operational costs.
Reduction of standard rate of VAT from 23% to 21%, on 1 September 2020 until 28 February 2021. The VAT rate for the hospitality and tourism sector decreased from 13.5% to 9% on 1 November 2020 until 31 December 2021.
‘Warehousing’ of tax liabilities are subject to 0% interest for 12 months. After this 12-month period, a reduced interest rate of 3% a year will apply.You can get more information on the initiatives covering COVID-19 related tax debts in Revenue’s Information Booklet (pdf).
Waiving of licence fees for street furniture gives the opportunity for restaurant and café owners who do not have to pay street furniture licence fees for tables and chairs used for outdoor dining. Restaurants can also continue to operate as takeaways for the rest of the year.
Advice for taxpayers and agents was given by Revenue for businesses experiencing trading difficulties as a result of COVID-19. This includes information on tax returns, late payment interest, debt enforcement, tax clearance and customs.
Training and mentoring
Skillnet Ireland is running a number of initiatives aimed at helping small businesses through current business challenges.
The ReBound initiative gives small businesses online training and mentoring on implementing the return to work safely protocol. You can get more information about returning to work safely after COVID-19 closures.
The MentorsWork initiative is a free 8-week mentoring programme to support business recovery and help you sustain and improve your business. There are 300 places available and you can apply at mentorswork.ie.
Support is also available from:
*Enterprise Ireland
*IDA Ireland
*Local Enterprise Offices
*Údarás na Gaeltachta
*Intreo offices