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General Information re Covid19

March 21, 2020 Covid 19 0 Comment

Finance Options

  • The Credit Guarantee Scheme supports loans up to €1 million for periods of up to 7 years. Applications can be made to AIB, Bank of Ireland and Ulster Bank. Eligibility criteria apply.
  • Microenterprises can access COVID-19 loans of up to €50,000 from MicroFinance Ireland. Loans are available at an interest rate of between 6.8% and 7.8%. Businesses can apply through their Local Enterprise Office or directly at microfinanceireland.ie. Eligibility criteria apply.
  • The €200m SBCI COVID-19 Working Capital Scheme for eligible businesses will be available within the next week. Maximum loan size will be €1.5 million (first €500,000 unsecured) and the maximum interest rate will be 4%. Applications can be made through the SBCI website at sbci.gov.ie. Eligibility criteria apply.
  • A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme is available 

Revenue

https://www.revenue.ie/en/corporate/press-office/press-releases/2020/pr-130320-revenue-announce-measures-to-assist-smes-experiencing-cashflow-difficulties-arising-from-covid-19.aspx

Supports 

  • Employees of businesses that need to reduce hours or days worked can avail of the Department of Employment Affairs and Social Protection Short-time Work Support.
  • The Department of Employment Affairs and Social Protection has introduced a refund scheme for employers. There is an arrangement with Revenue where employers who have to temporarily lay-off staff and who are not in a position to make any wage payment to them can  keep their employees on the payroll and pay them an amount of €203 per week. When they submit payroll returns to Revenue the 203 will be refunded to the employer. See COVID-19 Employer Refund Scheme for full details.
  • For those workers who have been laid off without pay, there is no need to visit an Intreo Centre. The DEASP has introduced a new support payment for the self-employed who have lost business and to those who have lost employment as a result of COVID-19. See the COVID-19 Pandemic Unemployment Payment. This support pays a flat rate of €203 per week for a six-week period.
  • The full range of Enterprise Ireland, IDA Ireland, Local Enterprise Office and Údarás na Gaeltachta grant supports will be available to firms to help with strategies to innovate, diversify markets and supply chains and to improve competitiveness.
  • A Finance in Focus grant of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients that want to access consultancy support to undertake finance reviews.
  • Local Enterprise Offices will be providing business continuity vouchers from €2,500 to assist in preparing any business continuity issues that arise in the current challenging environment. Visit LEOs COVID-19 Business Response for further details.
  • Enterprise Ireland has a number of supports available to help businesses mitigate the impact of Covid-19. Their COVID-19 Business Response Plan outlines the COVID-19 supports available.

Business Continuity Planning: COVID-19 Checklist

The Department has updated its checklist on Business Continuity Planning which provides a checklist of preparatory actions for businesses in responding to COVID-19.

Companies Office Update

https://twitter.com/cro_ie/status/1240671726201176065?s=09

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Joe Cunnane Practice Owner TRA Professional Services       Qualifications:  FCA Chartered Accountant & AITI Chartered Tax Advisor Joe has over 20 years experience working in both private practice and industry ... Read More »