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.
Take care and stay safe.
– from all the team at Avid Partners.
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
- Covid-19: A safe return to work post lock down 03/06/2020
- National Standards Authority of Ireland Workplace Protection Covid-19 03/06/2020
- DBEI Return to work safely protocol 30/05/2020
- Covid-19 Safe return to work templates 29/05/2020
- 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.
- Claiming tax relief for working from home in Ireland 08/07/2020 Since March, thousands of workers are working from home for the first time and may be unaware of tax relief available on home expenses. Read on for a summary of required conditions and supports available.
- Credit Card Stamp Duty Extended 21/06/2020
- Benefit in Kind (BIK) on vehicles provided by Employer during Covid-19 restrictions 31/03/2020
- 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.
- ReStart grant for small businesses 15/05/2020
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.
- Covid-19 Employees rehired after May 1st may not be eligible for wage subsidy scheme 01/05/2020
- Wage Subsidy Scheme Update 15/04/2020
- FAQs Wage Subsidy Scheme 30/03/2020
- Temporary Covid-19 Wage Subsidy Scheme Announced 24/03/2020
Advocacy and Media
- The National Small Business Recovery Plan. A plan to recover the small business sector and enure that employment is sustained 06/07/2020
- Midlands 103 – Taking care of Business – Jamie O’Hanlon in conversation with Eugene Berry about the SME Recovery plan to assist the small business sector. Listen here 09/06/2020
"A breath of fresh air. Your firm demonstrated enormous commercial understanding in turning around negotiations with a potential target vendor. I admire your style and ability to drive the deal forward. Many thanks."
"I would like to say I'm very happy with your service, especially the audit team, your staff are always friendly, helpful and a pleasure to deal with."
"Your business approach to clients is very impressive. I have always found that when explaining the types of service on offer, it is always concise and straight forward. The level of trust that clients place in your company and its staff speaks volumes."
"I would like to take this opportunity to say how much we are impressed with your company's professionalism, it has been a pleasure working with you all and we look forward to working with you in the future."
"Avid Partners - Accountants & Business Advisors are an excellent firm of accountants, their quality ethos is outstanding."
"I have dealt with Jamie O' Hanlon, of Avid Partners - Accountants & Business Advisors Chartered Certified Accountants, for a number of years as he is auditor to one of my clients. I have always found him to be professional and responsive in his approach."
"Service is second to none; there is always someone at the end of the phone for any business advice. The staff are very easy to get along with, very approachable and know exactly what they are talking about"
We at Fitzies Bar have worked with Avid Partners - Business & Financial Advisers for over five years. We find that the advice and support offered to us in addition to all of our book-keeping requirements to include payroll, VAT, etc. is invaluable and has helped to contribute to our continued growth especially in these challenging times. I would have no hesitation in recommending Avid Partners.
Jamie and his staff are a pleasure to work with. They respond promptly to any queries we have and are critical to our financial planning and the future needs of our business. I would highly recommend them to anyone interested in accounting services.
We at Stillorgan Cycles have used Jamie and his Team at Avid Partners – Accountants and Business Advisers for over five years. We have found that the retail advice and support offered to us is second to none and has helped to contribute to our continued growth especially in these challenging times. I would have no hesitation in recommending Avid Partners.
I met Avid Partners through a local business networking group. We had been using the same accountants for years and found that in these harsh economic times that we were not getting good enough value or service. We were very impressed by the company's professionalism and enthusiasm and genuine interest in helping us get the most out of our business. As a result we are now clients of Avid Partners and are thrilled with our decision.
After meeting Avid Partners with a view to changing our accountants, we came away with a better deal financially and a feeling that we were in capable hands. We feel that Avid Partners has a personal interest in the welfare of our business. Avid Partners have given us great advice, help and support and respond to our day to day queries with speed and efficiency. We feel it was a great move for us to change to Avid Partners.