Business Supports Through Covid-19

COVID-19 Business Aid Scheme (CBAS) – provisional qualifying criteria

The Covid-19 Business Aid Scheme (CBAS) provides grants to self-employed, sole traders, partnerships and companies with a minimum annual turnover of €50,000. The scheme was announced on 9 February 2021.

In order for a business to qualify for CBAS, it must be ineligible for CRSS or Fáilte Ireland Business Continuity Scheme and have a reduction in turnover of at least 75%.

Applications open for €60m Small Business Assistance Scheme for Covid (SBASC) –  here.

Covid Restrictions Support Scheme (CRSS)

The 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 in line with the Plan for Living with Covid-19.

The scheme will run from the 13 October 2020 until 30 June 2021.

View full revenue CRSS Guidelines here.

The Employment Wage Subsidy Scheme

Under the EWSS scheme, employers and new firms in sectors impacted by COVID-19 whose turnover has fallen 30% get a flat-rate subsidy per week based on the number of qualifying employees on the payroll, including seasonal staff and new employees.

The EWSS replaced the Temporary Wage Subsidy Scheme on the 1 September 2020.

If an employee has more than one job, each employer can make a claim under the EWSS, ignoring any other employments the employee may have.

The scheme is currently planned to run until 30^th June 2021.

Full details on revenue.ie and latest FAQs click here.

The Covid-19 Pandemic Unemployment Payment (PUP)

The COVID-19 Pandemic Unemployment Payment is available to employees and the self-employed who have lost their job on or after 13 March 2020 due to the COVID-19 pandemic. Applications will now be accepted until the 30 June 2021.

Full details on eligibility and application process are available online here. 

Restart Grant Plus

Direct grant aid of between €4,000 minimum and €25,000 based on commercial rates bill from 2019.

Scheme applies to small businesses with a turnover of under €100k and employing 250 people or less.

To view the additions to the restart grant plus for bars and nightclubs – click here

* Applications via Cork County Council
* Applications via Cork City Council

Enterprise Support Grant

The Enterprise Support Grant will be made available to assist self-employed recipients who are exiting the Pandemic Unemployment Payment (PUP) scheme. This will provide owners with a once-off grant of up to €1,000 to re-start their business. A fund of €12m has been allocated for the extension of this grant.

The grant will be payable to self-employed micro enterprises which employ fewer than 10 people, have an annual turnover of less than €1 million and are not eligible for support from the COVID 19 Business Restart Grant or other similar business reopening grants. Read more.

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.

Microfinance Loans

Covid-10 Business Loans up to €25,000 are available through Microfinance Ireland (MFI). 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. Loans from €5,000 to €25,000 are available, via Microfinance Ireland (MFI).

SBCI Loans

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.

More details here.

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 currently scheduled to remain in place until 30 June 2021.

More information here.

Future Growth Loan Scheme

The Future Growth Loan Scheme is available to SME and Small Mid-Cap Businesses. 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.

More information here.

Trading Online Voucher

Under the Government’s National Digital Strategy, the expanded Trading Online Voucher Scheme helps small businesses with up to 10 employees to trade more online, boost sales and reach new markets. There is up to €2,500 available through the Local Enterprise Offices with co-funding of 10% from the business.

Training and further business supports are also provided by Local Enterprise Offices,and businesses that have already received a Trading Online Voucher can now apply for a second voucher, where upgrades are required.

More details here.

Pandemic Stabilisation and Recovery Fund (PRSF)

The Pandemic Stabilisation and Recovery Fund (PRSF) is a €2 billion fund to support medium and large enterprise, made available through the Ireland Strategic Investment Fund (ISIF). It is targeted at enterprises employing more than 250 employees or with an annual turnover in excess of €50 million. Investment in enterprises below these levels may be considered if they are assessed to be of substantial scale and of significant importance at national or regional level.

More details here.

Tourism Business Continuity Scheme

On the 1^st February 2021, Fáilte Ireland announced details of its new €55 million Tourism Business Continuity Scheme. The scheme will support those tourism businesses that were not eligible for the Covid Restrictions Support Scheme (CRSS) payment or previous Fáilte Ireland continuity grant schemes. It is designed to help these tourism businesses offset their fixed costs incurred last year and support them to continue operating through 2021.

The fund replaced Fáilte Ireland’s Covid-19 Adaptation Fund which closed to new applicants on 24^th December 2020. Phase 2 of the Tourism Business Continuity Scheme is due to be launched in March 2021.

More details here.

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.

Guide for Businesses May 12, Department of Business, Enterprise and Innovation click here

Return to Work Protocol May 08 Click here – read Chamber comment 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.

Enterprise Ireland: Business support brochure;  Sustaining Enterprise Fund; Financial planning grant; Lean business continuity; Employers guide

Illness Benefit

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,

Find out more here.

Pandemic Unemployment Payment

The Covid-19 Pandemic Unemployment Payment has been extended to August 10th. This payment was 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 (or close) the Covid-19 unemployment payment is via MyWelfare.ie.

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 infobusinesssupport@dbei.gov.ie

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.