GOVERNMENT CAPITAL SUPPORT SCHEMES
The Wage Subsidy Scheme
The Temporary Wage Subsidy Scheme allows employers to continue to pay their employees during the COVID-19 (coronavirus) pandemic. It aims to keep employees registered with their employers, so that they will be able to get back to work quickly after the pandemic.The new COVID-19 Temporary Wage Subsidy Scheme will run for 12 weeks from 26 March 2020.
Direct grant aid of between €2,000 minimum and €10,000 based on commercial rates bill from 2019.
Scheme applies to small businesses with a turnover of under €5m and employing 50 people or less.
Scheme opens for applications on Friday 22 May through the Local Authorities.
Short-time Work Support
Short-time Work Support is available under Job Seeker’s Benefit and is an income support payment for employees who have been temporarily placed on a shorter working week, due to business challenges affecting their employment. More details here.
FINANCIAL SUPPORTS & LOANS
If your business is impacted or may be impacted by COVID-19 resulting in a reduction of 15% or more in actual or projected turnover or profit, AND you are having difficulty in accessing finance from commercial lending providers, the MFI COVID-19 Business Loan may be able to help your business. Loans are from €5k – €50k, and include an option for a moratorium on interest and repayments for the first six months.
Loans from €25,000 to €1.5 million under the Working Capital Loan Scheme, operated by the Strategic Banking Corporation of Ireland (SBCI). Loans are available to viable micro enterprises, SMEs and enterprises with up to 500 employees.
Longer term loans from €100,000 to €3,000,000 for SME’s under the Future Growth Loan Scheme also operated through the SBCI. The loans have a maximum interest rate of 4.5% and the first €500,000 borrowed can be unsecured.
Credit Guarantee Scheme
The Credit Guarantee Scheme can be used by businesses to obtain loans to support changes they need to make to their business in response to Covid-19. More information here.
Trading Online Voucher
Available through Local Enterprise Offices for consultancy services up to value of €2,500 for Irish businesses across every sector that employ up to 50 people.
Clients of Enterprise Ireland, IDA or Údarás na Gaeltachta should contact their relevant agency, which have other appropriate supports in place. Download an application form and email it to your Local Enterprise Office.
Support from Banking & Payments Federation Members
Retail banks (AIB, Bank of Ireland, KBC, Permanent tsb and Ulster Bank), non-bank mortgage lenders (Finance Ireland and Dilosk/ICS Mortgages) and credit servicing firms (Investec Private Finance Ireland Ltd, Lapithus, Link Group, Mars Capital, Pepper and Start) have put in place measures to help personal customers and businesses including not-for-profit businesses/organisations (retail banks only). Read More.
BUSINESS GUIDES & HR RESOURCES
Guide for Businesses May 12, Department of Business, Enterprise and Innovation click here
Sustainable Cork Programme May 08 Read more
Waiver on commercial rates, warehousing of tax liabilities and grant schemes May 02 – click here.
Roadmap for Reopening Society & Business – May 01 click here.
NSAI. Check their website here for tools tailored to your business sector.
The Government has announced that the rate of Illness Benefit has further increased from €305 to €350 per week, and recipients will not have to wait 6 days before applying for the benefit.
The enhanced Illness Benefit will be paid for a maximum of 2 weeks where an individual must self isolate, and for a maximum of 10 weeks if an individual is diagnosed with COVID-19,
Pandemic Unemployment Payment
Where employers cannot avail of the Temporary Wage Subsidy Scheme and their employees have been temporarily laid off, employees can apply for the Covid-19 Pandemic Unemployment Payment from the Department of Employment Affairs and Social Protection. This payment is increased to €350 per week as of March 27th and is available to all individuals who are temporarily fully unemployed, including the self-employed.
The quickest and easiest way to apply for the Covid-19 unemployment payment is via MyWelfare.ie.
This payment will also apply to the self-employed affected by the virus.
Due to the current situation employees with dependants who are accessing the Covid 19 Emergency Payment are also advised to make a Job Seeker application at this time. Download form here.
Employers with queries can email the Cork branch here.
DBEI. The Department of Business, Enterprise and Innovation have set up a Business Support Call Centre to give you more information on supports available: 01 631 2002 or email email@example.com
Revenue. Revenue has announced measures for SMEs experiencing cashflow difficulties: Click here
Insurance. Review your insurance policy to find out if your policy includes cover for an interruption in your business, or a temporary business closure, caused by COVID-19.
Your local bank. The primary pillar banks announced that they will support businesses experiencing difficulties.
CORK CHAMBER ADVOCACY
At Cork Chamber we are working daily with Government and continue to represent your voice, lobbying on your behalf. Below is some commentary on relevant items of business. #CorkTogether
April 30th – Sustainable Recovery Vision
April 30th – Business Community Survey
April 17th – Letter from Department of An Taoiseach
April 16th – Response letter from Dept Finance on Insurance
April 15th – Letter to European Commissioners – from EuroChambres
April 02nd – Audio – Cashflow the No.1 Issue for Business
March 24th – Full Survey Results
March 20th – Audio – Conor Healy on Deferral of Commercial Rates
March 20th – Assessment of Commercial Rates Deferral
March 17th – Audio – Conor Healy comment on business impacts
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