Our Covid-19 Resource is a summary of supports related to recent lock down restrictions and guidance to assist employers and their employees manage a safe return to work for all staff and their customers.

We will update this page regularly with the latest, most relevant information for you and your business.

Please see a resource of articles below,  listed by topic and date published.

If you have any questions or concerns, please email info@avidpartners.ie or call 0818 303087.

Take care and stay safe.

 – from all the team at Avid Partners.

 

Business Supports

  • U-turn decision: Government reinstates business owners to Employment Wage Subsidy Scheme (30/07/2020) Read more

  • The Future Growth Loan Scheme (update 30/07/2020):  – offering long term, low costs loans to SMEs or small mid-caps or SMEs involved in agriculture –  has been expanded by Government. Details of the scheme and the application form may be found on the Strategic Banking Corporation website here.

  • The July Stimulus Package – Job Stimulus 2020  – was announced on Thursday, 23 July. See here for a summary of key measures.
  • 7 steps to mitigate the impact of Covid-19 on your business 21/06/2020
  • Covid 19 Business Support available 14/04/2020
  • Covid-19 Business Supports Announced this week 23/03/2020
  • Bank Supports Available during Covid-19 restrictions 20/03/2020
  • Online Trading Vouchers: the funding for online vouchers has run out, however is expected to to topped up in the July Stimulus Plan to help more businesses sell over the internet (20/07/2020). The scheme offers matching funding of up to €2,500 to allow businesses to develop websites for online payments or booking systems. The scheme is administered by the Local Enterprise Office Network.

 

Exiting Lock Down

 

Funding Options

Should you require further information or assistance regarding any of the option below, contact Jamie O’Hanlon on 0818 303 087 or email info@avidpartners.ie

 

  • The Future Growth Loan Scheme (update 30/07/2020):  – offering long term, low costs loans to SMEs or small mid-caps or SMEs involved in agriculture –  has been expanded by Government. Details of the scheme and the application form may be found on the Strategic Banking Corporation website here.

 

  • SME Loans

A package of liquidity and enterprise investment measures worth €55million will be put in place to support small and micro companies through additional resources for Micro Finance Ireland and the Local Enterprise Offices. This will include measures to reduce interest rates on lending for micro and small businesses, including grants equivalent to 0% interest on the first year of SBCI and MFI loans. The Future Growth Loan Scheme is being expanded  from €200 to €500 m with the European Investment Bank Group, so businesses with up to 499 employees can invest for the longer-term at competitive rates.

The COVID-19 Business Financial Planning grant will provide a strategic intervention for companies to work with third party consultants to prepare a detailed financial and business plan with forecasts and assumptions.

Enterprise Ireland’s liquidity and medium-term financial supports are being delivered under the €180m ‘Sustaining Enterprise’ fund, launched in April 2020. Support of up to €800,000 can be provided to companies targeting them at their different stages of development and growth ranging from established companies to small enterprises and start-ups.

To help SMEs impacted by COVID-19 related issues to have access to sufficient working capital, the government has repurposed the Credit Guarantee Scheme (CGS) to provide counter guarantees to the banks, mitigating credit risk or need for collateral. Key features of the scheme include: facilities of €10,000 up to €1m; terms of up to 7 years; and, Term Loans, Demand Loans and Performance Bonds.   Further detail here

The €200 million SBCI Covid-19 Working Capital Loan Scheme is designed to provide funding support to enable eligible Irish businesses to implement necessary changes to address the challenges posed by Covid-19. The scheme was available from 23 March 2020.

The Future Growth Loan Scheme is a long-term loan (8-10 years) that is offered by the SBCI with the support of the Department of Business, Enterprise and Innovation, the Department of Agriculture, Food and the Marine, the European Investment Bank and the European Investment Fund (EIF).

  • Commercial Rates Waiver

Current waiver will be extended to September 2021 and will include businesses that are currently trading and those that have remained closed. Firms will still be liable to pay the rates due for the period at a future date. Large multi-nationals are excluded.

 

Tax

 

Grants

  • ReStart Grant Update (July 2020)

The Restart Grant has been expanded by €300m. Grants will be increased from a maximum of €4,000 to €25,000 and criteria broadened to include bigger businesses with up to 250 employees or a turnover of €25m and to others who did not qualify as they did not pay rates. This includes bed and breakfasts and ‘man with van’ type operations such as carpenters, electricians, and plumbers.

 

Cashflow/Liquidity (July 2020)

A package of measures to boost cash flow for businesses, and the self-employed, including reforms to how trading losses can be carried against the previous year and tax warehousing.

  • To provide immediate cash-flow support to previously profitable companies, the early carry-back of trading losses will be allowed, leading to an immediate refund of some or all of corporation tax paid.
  • The Government confirmed the previously announced warehousing of tax liabilities. This will allow for businesses affected by Covid-19 to delay payment of their PAYE and VAT debts in part of in full for a set period with no interest or penalties.
  • In order to provide support to taxpayers experiencing difficulty with tax liabilities, the interest rate applying to agreed repayments of all tax debt (where agreement has been reached prior to 30 September 2020) will be reduced to 3%.
  • There will be a new income tax relief for self-employed individuals who were profitable in 2019 but, as a result of the Covid-19 pandemic, incur losses in 2020.

 

Temporary Wage Subsidy Scheme

  • Update (July 2020)

The Temporary Wage Subsidy Scheme (TWSS) will be replaced by the Employment Wage Subsidy Scheme (EWSS) from 1 September until 31 March 2021. To be used as a payroll subsidy support rather than an income replacement measure. Criteria broadened to include newly hired employees and seasonal workers hired during July and August. To qualify an employer must be operating on no more than 70% of turnover this year compared to last year. The employer will receive a flat-rate subsidy of €203 per employee.

 

Advocacy and Media




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