Tuesday, 09 February 2021
Covid-19 Business Supports
Government has announced a further €160m funding for measures to help businesses impacted by the pandemic.
Measures include a €60M allocation towards a new grant – Covid Business Aid Scheme (CBAS) – aimed at companies who do not qualify for CRSS and whose turnover is down by 75%. Eligible businesses will receive up to €8,000: €4,000 in Q1and €4,000 in Q2 2021, if they remain eligible.
Government today agreed to do more to help businesses respond to current challenges arising from the pandemic with a particular focus on firms that do not qualify for the CRSS or existing sectoral schemes in areas like the arts, transport and tourism.
Allocation of Funds
€160m will be allocated across three schemes as follows:
1. Covid-19 Products Scheme
An additional €10m will be allocated to the Covid-19 Products Scheme to help in the fight against the virus. Firms researching or manufacturing PPE, sanitisers, tests, equipment or other medicinal products which are relevant to Covid-19 are eligible for funding of up to 50% of their capital costs.
2. COVID-19 Business Aid Scheme (CBAS)
The Tánaiste announced today that a new €60m Scheme, called the COVID-19 Business Aid Scheme (CBAS) is being developed to provide grants to businesses ineligible for the Government’s other existing schemes designed to help with fixed costs. Wholesalers, suppliers, caterers and events companies down 75% or more in turnover will benefit.
3. The Sustaining Enterprise Fund
The Government also approved an additional €90m for the Sustaining Enterprise Fund, which offers funding of up to €800,000, with €200,000 or 50% in non-repayable grants to eligible manufacturing and internationally traded services companies.
Other Business Supports
The Government has put in place a comprehensive package to help businesses and workers during the pandemic, including the Employment Wage Subsidy Scheme (EWSS), the Pandemic Unemployment Payment (PUP), the Covid Restrictions Support Scheme (CRSS), low-cost loans, the deferral and warehousing of tax liabilities and the waiver of commercial rates.
Eligibility
Criteria for COVID-19 Business Aid Scheme (CBAS)
- the scheme would be available to companies, self-employed, sole traders or partnerships;
- minimum turnover of €50,000;
- Are not owned and operated by a public body;
- the business is not eligible for CRSS or Fáilte Ireland Business Continuity Scheme;
- they are in receipt of a rates bill from their local authority for business which operates from a building, or similar fixed physical structure on which business rates are payable (mobile premises, or premises which are not permanently fixed in place, do not meet the definition of business premises nor do premises on which no rates are payable);
- the business must have a current eTax Clearance Certificate from the Revenue Commissioners;
- the turnover of the business over the claim period is estimated to be no more than 25% of the:
– average weekly turnover of the business in 2019; or
– the projected average weekly turnover of the business for 1st January to 30th June 2021 for businesses that commenced after 1st November 2019; and - the business intends to resume trading in full once Government restrictions are eased.
Applications
Details of the Covid Business Aid Scheme (CBAS) are being finalised and applications will open shortly. We will keep you updated.
We are here to help. Should you have any queries in relation to business supports, business continuity or any area of business or financial advice, contact Jamie O’Hanlon at 0818 303087 or email info@avidpartners.ie
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