Home COVID-19 – Supports for Businesses

COVID-19 – Supports for Businesses

As Businesses in Ireland face unprecedented threats to their survival, there have been a number of measures announced that could help them during this Global Emergency. I have listed some of the main measures as detailed on https://dbei.gov.ie/ .

I welcome the intervention by @centralbank_ie in relation to Insurance Companies and cover for businesses – glad to have worked with @InsuranceRefIre@VFIpubs@RAI_ie to ensure this matter was highlighted. Let’s continue to work together to ensure a fair resolution is achieved.

National Covid-19 Income Support Scheme

provides financial support to Irish workers and companies affected by the crisis.

In summary:

  • a temporary wage subsidy of 70% of take home pay up to a maximum weekly tax free amount of €410 per week to help affected companies keep paying their employees. This is the equivalent of €500 per week before tax; 
  • workers who have lost their jobs due to the crisis will receive an enhanced emergency Covid-19 Pandemic Unemployment Payment of €350 per week (an increase from €203);           
  • the Covid-19 illness payment will also be increased to €350 per week;           
  • Self-Employed will be eligible for the Covid-19 Pandemic Unemployment Payment of €350 directly from the Department of Employment Affairs and Social Protection (rather than the Revenue scheme)           
  • enhanced protections for people facing difficulties with their mortgages, rent or utility bills.

Please click here for full details.

Enhanced emergency Covid-19 Pandemic Unemployment Payment

People who have already been approved for the Covid-19 pandemic Unemployment Payment will now get an increased payment of €350 per week (instead of €203).

Anyone else who loses their job due to the Covid-19 crisis can apply to the Department for payment at the new rate.

The Covid-19 illness payment will also be increased to €350 per week. The new Scheme will be in place for 12 weeks. Please click here for full details.

Support for mortgage-holders

A series of measures to support people impacted by Covid-19 have been announced by the banking sector. Please click here for full details.

Banking and Credit Measures

All the banks have announced that they will offer flexibility to their customers, and they may be able to provide payment holidays or emergency working capital facilities. Please click here for full details.

Other supports for businesses as provided by dbei.gov.ie

In addition to the Scheme being announced today, the Government has already announced a range of measures including:

(i)                 financial supports, including a €200m Strategic Banking Corporation of Ireland Working Capital scheme;  a €200m Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms;  the maximum loan available from Microfinance Ireland has been increased from €25,000 to €50,000 (these loans are now interest free with no repayments for 6 months); Local Enterprise Offices in every county will be providing vouchers up to €2,500;  a Finance in Focus grant of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients. 

(ii)              other supports including a First Responder support service through the Intreo Offices and development agencies, Enterprise Ireland and IDA Ireland in each region to provide tailored supports for affected businesses;  the Department of Employment Affairs and Social Protection Short Term Work Support Scheme.

(iii)            deferral of Business Rates: the Government has agreed with local authorities that they should defer rates payments due from the most immediately affected businesses, primarily in the retail, hospitality, leisure and childcare sectors, until the end of May. 

(iv)             taxation Measures to alleviate short-term difficulties: Revenue has also posted specific advice for businesses experiencing trading difficulties as a result of COVID-19 including information on tax returns, the application of late payment interest, debt enforcement, tax clearance and customs.