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New Covid Supports for Businesses

PSC Accountants & AdvisorsCovid New Covid Supports for Businesses
covid-19-business-supports

New Covid Supports for Businesses

Announcements have recently been made for new Covid initiatives, which are designed to support businesses in varying sectors, and which are outlined below. Further announcements are pending with a number of sectors being examined at present. In addition, some broader supports for towns/regions and business sectors are under review, all of which we will advise on once clarity is provided.

 

CBAS

The Tánaiste today announced a new €60m Scheme, called the COVID-19 Business Aid Scheme (CBAS).  This has been developed to provide grants to businesses who are deemed ineligible for the Government’s other existing schemes designed to help with fixed costs. Wholesalers, suppliers, caterers & events companies down 75% or more in turnover will benefit. Please liaise with us and we can support your applications for this scheme once it goes live.

  1. The scheme is available to companies, self-employed, sole traders or partnerships;
  2. with a minimum turnover of €50,000;
  3. who are not owned and operated by a public body;
  4. the business is not eligible for CRSS or Fáilte Ireland Business Continuity Scheme;
  5. they are in receipt of a rates bill from their local authority for a business that 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);
  6. the business must have a current eTax Clearance Certificate from the Revenue Commissioners;
  7. 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 from 1st January to 30th June 2021 for businesses that commenced after 1st November 2019; and
  1. the business intends to resume trading in full once Government restrictions are eased.

 

Sustaining Enterprise Fund

The SEF through Enterprise Ireland is a support of between €100,000- €800,000 to companies who have been impacted by Covid 19. The objectives of the fund are to ensure eligible companies can accelerate their recovery and provide funding needed to stabilise cashflow, adapt operations and innovate for new customer needs. Government today announced a further €90m investment into the fund. Full details are available here: https://www.enterprise-ireland.com/en/funding-supports/Company/Esetablish-SME-Funding/Sustaining-Enterprise-Fund.html The fund is specifically designed for eligible manufacturing and internationally traded services companies, employing 10 or more employees which have been impacted by a 15 per cent or more reduction in actual or projected turnover or profit, and/or have a significant increase in costs as a result of the COVID-19 outbreak.

 

CRSS Support

There has been no change to the CRSS scheme, however, discussions are ongoing in relation to the extension of the scheme.  We understand that there will be ‘no cliff-edge’ to supports, once businesses begin to return to trading.

 

Rates Waiver

The Rates Waiver has been extended to the end of March so certain businesses most severely impacted, such as hospitality, leisure, childcare, personal care, entertainment, retail (excluding large supermarkets), airports, health and service stations. See Release HERE

 

The local Tralee Chamber is engaged on a further extension of the waiver to the end of Qtr2 and also on a broadening of the range of businesses who can avail of the rates waivers.

 

For a business not exempt from the Rates Waiver, but who have seen a significant decline in turnover, we recommend contacting Kerry County Council’s rates department by email revenue@kerrycoco.ie or calling 0667162100. We also advise contacting Tralee Chamber, as they are presenting case-examples to the Dept on an ongoing basis to support claims for an extension of the waivers.

 

CRO Annual Returns

Following engagement, the Registrar of Companies has extended the current arrangement in relation to the filing of annual returns. In light of the COVID-19 situation, the Registrar had taken a number of decisions during 2020 to assist companies with the filing of annual returns.  – See Details HERE

 

Tourism Business Continuity Scheme

The specific Tourism Businesses excluded from the CRSS scheme will now be able to avail of the new Tourism Business Continuity Scheme, being facilitated through Failte Ireland. Applications will open on February 11th through Failte Ireland’s website. For reference in preparing your application please visit: https://www.failteireland.ie/Identify-Available-Funding/Tourism-Business-Continuity-Scheme.aspx

 

In this regard, see our bulletin earlier this week on this initiative.