Covid 19 Supports Summary
The situation surrounding COVID-19 is rapidly evolving, causing a lot of uncertainty and challenges in our daily lives, we hope you are doing well and taking good care of yourselves and your families.
We have been updating our Social Media Channels on supports available for business as they have been issuing. In the past week there have been many updates with further clarifications issuing within a matter of hours in some cases. I have prepared the below summary of the various supports as of 21st March 2020. We are continuing to monitor information being released and will post the notifications on our Social Media Channels accordingly.
We are still open and operational. If you need any assistance, please do not hesitate to contact us.
This payment is available to all employees and the self-employed who have lost employment due to a downturn in economic activity caused by the Covid-19 pandemic.
The payment has a one-page application form and will be paid for a period of 6 weeks at a flat rate payment of €203 per week for jobseekers. It is designed to deliver a social welfare payment to the unemployed and provide income security during the pandemic.
Individuals applying for the payment will be required to apply for the normal jobseeker’s payments within this 6-week period. Once this normal jobseeker claim is subsequently received, the department will process these claims and make payments at that time. This will involve backdating increased payments for certain customers.
Former employees and self-employed people can apply for the new COVID-19 Pandemic Unemployment Payment.
You can apply for the payment if you are aged between 18 and 66 years and you have lost employment due to the COVID-19 (Coronavirus) pandemic or you are a non-EU/EEA worker over 18 who has lost employment or you are a student over 18 who has lost employment or you are a non-EU/EEA student over 18 who has lost employment or you are a part time worker over 18, earn less than € 203 per week and have lost employment due to pandemic.
There is a guide on how to claim here: https://services.mywelfare.ie/
The Government supports for COVID-19 impacted businesses and some practical steps you can take can be found below and include: https://dbei.gov.ie/en/What-We-Do/Supports-for-SMEs/COVID-19-supports/Government-supports-to-COVID-19-impacted-businesses.html
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.
€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 through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business.
If you have concerns about your ability to pay your tax liabilities speak to the Revenue Commissioners, who have advised:
“On an on-going basis, Revenue engages with viable businesses experiencing temporary cash flow or trading difficulties that affect the timely payment of tax. Revenue works very successfully with businesses that engage early to resolve their tax payment difficulties. Revenue will engage with any viable business experiencing temporary cashflow difficulties, including difficulties arising from exceptional circumstances such as the COVID-19 (Coronavirus) outbreak.”
VAT and PAYE returns and payments due on 23rd March 2020
Revenue issued guidance last week regarding tax payment difficulties at this time.
Revenue have advised:
- : businesses experiencing temporary cash flow difficulties should continue to send in tax returns on time.
- the application of interest on late payments is suspended for
- Debt Enforcement: All debt enforcement activity is suspended until further notice.
- current tax clearance status will remain in place for all businesses over the coming months.
The Registrar of Companies has also decided that all annual returns due to be filed by companies between now and 30th June, 2020 will be deemed to have been filed on time if all elements of the annual return are completed and filed by that date. This will enable businesses and their financial advisers to focus on the more pressing and immediate financial challenges. The situation will be kept under review and the date of 30th June may be extended depending on the situation at that time. Companies should check the CRO website www.cro.ie for more details
#5 IMPORTANT INFORMATION REGARDING GOVERNMENT SUPPORT
Please refer regularly to these web sites as Government support is changing daily.
Government supports for COVID-19 impacted businesses See: https://dbei.gov.ie/en/What-We-Do/Supports-for-SMEs/COVID-19-supports/Government-supports-to-COVID-19-impacted-businesses.html
Some useful websites:
Short time work support: https://www.gov.ie/en/service/c20e1b-short-time-work-support/
Employer refund scheme: https://www.gov.ie/en/service/6c6582-employer-covid-19-refund-scheme/
COVID-19 Pandemic Unemployment Payment: https://www.gov.ie/en/service/be74d3-covid-19-pandemic-unemployment-payment/
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.
Contact us if you need help in applying for a Grant.
The Department of Employment Affairs and Social Protection and the Department of Business, Enterprise and Innovation will provide a joint First Responder support service through the Intreo Offices and development agencies, Enterprise Ireland and IDA Ireland in each region to provide tailored supports for impacted firms, with objective of avoiding mass lay-offs and buying time for firms to work through the short-term disruptions.
#7 BUSINESS CONTINUITY PLANNING 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.