News

Library of Knowledge No. 38

The COVID Restrictions Support Scheme (CRSS) came into effect on Tuesday 13^th October 2020 and will end on 31^st March 2021 (unless extended).

The scheme is not currently available to applicants. It is expected to be launched on or before Thursday 22^nd October 2020.

Criteria:

• Available to businesses located in areas where Level 3 or higher are in place.
• Business must be significantly impacted or temporarily closed as a result of the health restrictions.
• Applies to business premises where restrictions directly prohibit or restrict access by customers.
• Turnover must have reduced by at least 80% compared to corresponding period in 2019 (exclusive of VAT)
• Will include accommodation, food and arts, recreation and entertainment sectors to level 3.
• When higher levels are announced, other sectors may be included.

Payments:

• Based on the businesses 2019 average weekly turnover, subject to a maximum weekly payment of € 5,000.
• Calculations will be based on 10% of the first € 1m million in turnover and 5% thereafter.
• The support represents a cash payment in respect of an advance credit in trading expenses for the period.
• Payments will be administered by Revenue.

Important Note

• The scheme will operate on a self-assessment basis and qualification will require a business to demonstrate that turnover has been severely impacted.
• Payments will automatically cease at the end of the COVID-19 restriction period.
• If restrictions are extended or re-introduced then a subsequent claim can be made.

Data extracted from Chartered Accountants Ireland.

Please contact our office should you require assistance with the application for this scheme.

Stay safe and well.