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Updated : Covid19 finance and income supports

Finance Options

  • Credit Guarantee Scheme: 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.
  • COVID-19 Business Loans [lending through this scheme has currently been paused]: Microenterprises can access COVID-19 Business Loans of up to €50,000 from Microfinance Ireland. The terms include a six months interest free and repayment free moratorium, with the loan to then be repaid over the remaining 30 months of the 36-month loan period. Loans are available at an interest rate of between 4.5% and 5.5%. Businesses can apply through their Local Enterprise Office or directly at microfinanceireland.ie. Eligibility criteria apply.
  • COVID-19 Working Capital Scheme: The €450m SBCI COVID-19 Working Capital Scheme for eligible businesses supports loans from €25,000 up to €1.5 million (first €500,000 unsecured) with a maximum interest rate of 4%. Applications can be made through the SBCI website at sbci.gov.ie. Eligibility criteria apply.
  • Future Growth Loan Scheme: It has been agreed that an additional €500 million in COVID-19 funding will be made available through the Future Growth Loan Scheme to provide longer-term loans to COVID-19 impacted businesses.
  • Sustaining Enterprise Fund: The Sustaining Enterprise Fund of up to €180 million is specifically aimed at firms operating in the manufacturing and internationally traded services sectors, with 10 or more employees, that are vulnerable but viable. The fund is operated by Enterprise Ireland, providing repayable advances of up to €800,000 as agreed with the EU under new State Aid rules.
  • Sustaining Enterprise Fund for Small Enterprise: As part of the Sustaining Enterprise Fund, Enterprise Ireland operates a specific Sustaining Enterprise Fund for Small Enterprise. This fund provides a short-term working capital injection of up to €50,000 to eligible smaller companies to support business continuity and strengthen their ability to return to growth.
  • Pandemic Stabilisation and Recovery Fund: The Ireland Strategic Investment Fund will focus on investment in medium and large scale enterprises in Ireland through a Pandemic Stabilisation and Recovery Fund. The fund, worth up to €2 billion, will make capital available to medium and large enterprises on commercial terms. The PSRF will focus on investment in large and medium enterprises employing more than 250 employees or with annual turnover in excess of €50 million
  • General grant supports: The full range of Enterprise IrelandIDA IrelandLocal Enterprise Office and Údarás na Gaeltachta grant supports continue to be available to eligible firms to help with strategies to access finance, commence or ramp-up online trading activity, reconfigure business models, cut costs, innovate, diversify markets and supply chains and to improve competitiveness.
  • Restart Grant: The new enhanced Restart Grant will provide direct grant aid to businesses with up to 250 employees to help them with the costs associated with reopening and reemploying workers following COVID-19 closures. The maximum grant available will rise to €25,000 (up from €10,000) and the minimum payment will be €4,000 (up from €2,000).
  • Enterprise Support Grant: The Enterprise Support Grant for businesses impacted by COVID-19 will be available for self-employed people who are closing their COVID-19 Pandemic Unemployment Payment after 25 June.
  • Trading Online Voucher: The Local Enterprise Office Trading Online Voucher is a government grant scheme, designed to assist small businesses with up to 10 employees. It offers financial assistance of up to €2,500 along with training and advice to help your business trade online. Businesses that have already received a Trading Online Voucher can now apply for a second voucher, where upgrades are required.
  • COVID-19 Online Retail Scheme: The COVID-19 Online Retail Scheme is a grant for retail companies with 10 or more employees to develop a more competitive online offer. Call 1 in April resulted in €6.5m in grants for the retail sector. A second call is due to issue soon.
  • LEAN for Micro: LEAN for Micro is available to Local Enterprise Office clients to help build resilience within small companies. Businesses can avail of consultancy support with a LEAN Expert or help to implement new remote working and physical distancing guidelines. Contact your Local Enterprise Office for further details.
  • COVID-19 Business Financial Planning Grant: The COVID-19 Business Financial Planning Grant, worth up to €5,000, is designed to help companies to develop a robust financial plan, including the preparation of documentation required to support applications for external finance from banks and/or other finance providers. The grant is a new support for Enterprise Ireland clients and those manufacturing or internationally traded services companies that employ 10 or more full time employees.
  • Lean Business Improvement Voucher: The Lean Business Continuity Voucher is available to eligible companies to access up to €2,500 in training or advisory services support related to the continued operation of their businesses during the current pandemic. It is open to small, medium or large client companies of Enterprise Ireland or Údarás na Gaeltachta (including High Potential Start-ups). The voucher may be used to obtain services from approved providers.
  • Cross-border companies: InterTradeIreland’s Emergency Business Solutions offers professional advice, to the value of €2,250, to address key business challenges related to COVID-19. The E-Merge programme provides €2,800 consultancy support to help cross-border businesses develop online sales and eCommerce solutions.
  • COVID Products Scheme: The COVID Products Scheme will allow for up to €200m in targeted State support to facilitate the research and development of COVID products, to enable the construction or upgrading of testing and upscaling infrastructures that contribute to the development COVID-19 relevant products, as well as to support the production of products needed to respond to the outbreak. The scheme will be delivered through IDA Ireland’s COVID-19 supports and Enterprise Ireland’s COVID-19 Business Response.
  • COVID-19 Rapid Response Funding: The COVID-19 Rapid Response Funding Call (Phase 2) will fund projects up to 14 months in duration that build scientific knowledge and/or develop novel solutions that have the potential to impact society in the short/medium term in a number of thematic areas.

Rates waiver and warehousing of tax debts

  • Commercial rates waiver: With limited exceptions, all businesses will be granted a waiver of commercial rates for the six months to end-September 2020. 

Supports 

  • Facebook Business Boost Grant

https://en-gb.facebook.com/business/boost/grant

  • COVID-19 Wage Subsidy Scheme: The COVID-19 Wage Subsidy Scheme, operated by Revenue, enables employees, whose employers are affected by the pandemic, to receive significant supports directly from their employer through the payroll system. A new Employment Wage Support Scheme will succeed the Temporary Wage Subsidy Scheme to run until April 2021.
  • Pandemic Unemployment Payment: The COVID-19 Pandemic Unemployment Payment is available to all employees and the self-employed who have lost their job due to the COVID-19 pandemic. MyWelfare.ie is the quickest and easiest way to apply for payments – all you need is your email address, PPSN and bank account details.
    • On MyWelfare.ie all customers can
      • apply for the Covid-19 Pandemic Unemployment Payment
      • apply for Enhanced Illness Benefit for COVID-19 including for self-isolation cases
      • apply for a jobseeker’s payment
      • request to close their Covid-19 Pandemic Unemployment Payment.
  • Short-time Work Support: 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.

Business Continuity Planning: COVID-19 Checklist

Companies Office Update

This is regarding filing of annual returns. The Registrar of Companies has decided that all annual returns due to be filed by any Company now and up to 31st October 2020 will be deemed to have been filed on time if all elements of the annual return are completed and filed by that date

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