Irish Government Packages and Financial Support for Your Business

Irish Government Packages and Financial Support for Your Business

If you are unsure about which government stimulus and relief packages you can apply for to help you navigate this difficult time, check out this summary of some of the schemes for small- and medium-sized businesses.

The team at Kalc accounting are happy to discuss these government initiatives, we are fully open and happy to talk

Phone: 01 8084191

Email: info@kalcaccounting.ie

 

Revenue & Social Welfare

All debt enforcement is suspended until further notice

Interest on late payments has been suspended

Tax Clearance certs will not expire due to late payments

Warehousing of Covid-19 related debts for 12 months with a reduced interest rate of 3%

 

Temporary Wage Subsidy Scheme

This scheme helps employers support staff who have been affected by the pandemic directly through the payroll system.

Since 4 May 2020, the subsidy payment has moved to a system based on the previous net weekly pay for each employee.

 

Pandemic Unemployment Payment

If you are self-employed or have had to let staff go, the Covid-19 Pandemic Unemployment Payment is available at €350 per week.

Visiting MyWelfare is the quickest and easiest way to apply for payments – all you need is your email address, PPSN and bank account details.

 

Short Time Work Support

Employees who have had to reduce their hours can apply for government income support through the Department of Employment Affairs and Social Protection Short Time Work Support.

The payment is made in respect of the employee’s regular salary for the days that they are no longer working and is paid for a maximum of 234 days.

 

 

Business Loans

Credit Guarantee Scheme

The Credit Guarantee Scheme can be used by SMEs to obtain loans to support changes they need to make to their business in response to Covid-19.

The scheme supports loans up to €1 million for periods of up to seven years.

 

Microfinance Ireland Business Loan

This initiative is aimed at micro-enterprises (including sole traders, partnerships or limited companies) employing fewer than 10 people and with a turnover of less than €2 million per annum.

You can apply if you’re finding it difficult to access finance through banks and other commercial lenders and experiencing a negative impact on your business from Covid-19 that equates to a minimum of 15% of actual or projected turnover or profit.

https://microfinanceireland.ie/

 

Funds and Grants

Sustaining Enterprise Fund

This fund of up to €180 million is specifically aimed at firms with 10 or more employees impacted by Covid-19 that are vulnerable but viable.

It is operated by Enterprise Ireland and provides repayable advances of up to €800,000 as agreed with the EU under new State Aid rules.

 

Business Financial Planning Grant

This is a new grant for Enterprise Ireland clients and those manufacturing or internationally traded services companies that employ 10 or more full-time employees.

The grant is worth up to €5,000 and is designed to help companies develop a robust financial plan. This includes the preparation of documentation required to support applications for external finance from banks and/or other finance providers.

 

Business Process Improvement Grant

The Business Process Improvement Grant is designed to support short- to medium-term company projects that develop management capability and drive company efficiencies and business process improvements.

The grant is open to all Enterprise Ireland clients or potential clients who have been trading for at least five years and who are engaged in manufacturing or eligible internationally traded services.

https://www.enterprise-ireland.com/en/

 

Vouchers

Lean Business Continuity Voucher

This scheme is open to small, medium or large client companies of Enterprise Ireland or Údarás na Gaeltachta (including High Potential Start-ups).

Eligible firms might be able to access up to €2,500 in training or advisory services support related to the continued operation of their businesses during the current pandemic.

 

Business Continuity Voucher

Businesses that employ up to 50 people can apply for a voucher worth up to €2,500 in third party consultancy costs.

The voucher can be used by companies and sole traders to develop short- and long-term strategies to respond to the Covid-19 pandemic.

The goal is to help companies make informed decisions about what immediate measures and remedial actions should be taken to protect staff and sales.

Trading Online Voucher

Under the government’s National Digital Strategy, the expanded Trading Online Voucher Scheme helps small businesses with up to 10 employees to trade more online, boost sales and reach new markets.

There is up to €2,500 available through the Local Enterprise Offices with co-funding of 10% from the business. Email or telephone your Local Enterprise Office to find out more.

 

Restart Fund

€10,000 restart grant for micro and small businesses based on a rates/waiver rebate from 2019

Three-month commercial rates waiver for impacted businesses

 

The team at Kalc accounting are happy to discuss these government initiatives, we are fully open and happy to talk

Phone: 01 8084191

Email: info@kalcaccounting.ie