Introduced as part of Budget 2021, the Covid Restrictions Support Scheme (CRSS) is a weekly rebate of up to €5,000 for businesses closed at level 3 or higher effective from 13 October 2020 until 31 March 2021.
The scheme is designed to be a lifeline to those whose businesses have been severely impacted or temporarily closed due restrictions imposed by the Government’ Living with Covid Plan 2020 – 2021.
Generally, the scheme will operate when level 3 or higher is in place and support will cease as soon as restrictions are lifted.
How are payments calculated?
Eligible businesses must have an annual turnover of less than €2 million.
Payments are made based on the average weekly, vat-exclusive turnover for 2019.
Qualifying businesses can apply to Revenue for a cash payment, representing an Advance Credit for Trading Expenses (ACTE), deductible for IT or CT purposes.
Turnover may not exceed 20% of the corresponding turnover period in 2019. * This figure was changed to 25% following Government announcement 20/10/2020 prior to nationwide 6 week lockdown.
Payments will be calculated on the basis of 10% of the first €1m in turnover and 5% thereafter, based on average VAT-exclusive turnover for 2019.
The maximum weekly payment will be €5,000.
See here for Covid Restrictions Support Scheme (CRSS) overview and worked examples via revenue.ie.
How will CRSS operate?
- CRSS will operate on a self-assessment basis.
- There may be audits after the fact.
- To qualify, a business will have to demonstrate that turnover has been severely impacted.
- Turnover may not exceed 20% of the corresponding turnover period in 2019. * This figure was changed to 25% following Government announcement 20/10/2020 prior to nationwide level 5 6 week lockdown.
- Once the region the business is operating in has been impacted by level 3 restrictions or higher, the business can claim in week one of restrictions and valid claims will be paid in full for the entire period of the restrictions in 2 – 3 working days.
- Claims can not be made retrospectively.
- Once the money is paid out it can be used to pay rent and any business-associated costs.
- Payments automatically cease as restrictions are lifted.
- The claimant may apply again if restrictions are reimposed.
- The scheme will run from 13 October 2020 to 31 March 2021.
- Applications will open via Revenue around 20 October 2020. To be confirmed.
- First Payments will be made in mid November.
We are here to help. If you have any queries in regard to CRSS or any of the Budget 2021 initiatives introduced, email firstname.lastname@example.org or call on 0818 303087.
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