Irish Government Packages and Financial Support for Your Business
Take a look at this rundown of Covid-19 business support schemes that may help your firm through the pandemic
If you’re 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, as well as for the self-employed.
Please bear in mind, the information below is not legal advice. For questions specific to your business, it’s advisable to consult with an accountant or solicitor.
While this information provides a brief overview of some of the stimulus schemes and packages that may help professionals on Houzz, it’s not intended to cover all aspects of each scheme or package.
Please bear in mind, the information below is not legal advice. For questions specific to your business, it’s advisable to consult with an accountant or solicitor.
While this information provides a brief overview of some of the stimulus schemes and packages that may help professionals on Houzz, it’s not intended to cover all aspects of each scheme or package.
Future Growth Loan Scheme
- This scheme provides larger loans for long-term investment in machinery or equipment, research and development, business expansion, premises improvement, process innovation, people and systems.
- Eligible SMEs and Small Mid-Caps can apply for the Covid-19 Future Growth Loan Scheme through the SBCI website.
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.
Funds and Grants
Sustaining Enterprise Fund
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’s 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.
Vouchers
Lean Business Continuity Voucher
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.
Employee Schemes
Temporary Wage Subsidy Scheme
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’re 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.
Other Links to Help Your Business
revenue.ie
gov.ie
SBCI
Enterprise Ireland
As a reminder, please note that the information we have provided is not legal advice and may change quickly given the dynamic environment. For questions specific to your business, it’s advisable to consult with an accountant or solicitor.
For tips on managing your business during the Covid-19 pandemic, check out our Resilience resources.
Tell us…
Has your business been affected by the pandemic? Have you applied for any of these schemes? Share your experiences in the Comments.
revenue.ie
gov.ie
SBCI
Enterprise Ireland
As a reminder, please note that the information we have provided is not legal advice and may change quickly given the dynamic environment. For questions specific to your business, it’s advisable to consult with an accountant or solicitor.
For tips on managing your business during the Covid-19 pandemic, check out our Resilience resources.
Tell us…
Has your business been affected by the pandemic? Have you applied for any of these schemes? Share your experiences in the Comments.
SBCI Working Capital Scheme