News

Library of Knowledge No. 48

Small business assistance scheme SBASC was previously announced as COVID-19 Business Aid Scheme (CBAS).

The scheme is open for applications from last Thursday 11 March 2021. Applications should be made to the Local Authority. Closing date for receipt of applications is 21 April 2021.

The details of the SBASC include:

• the scheme is available to companies, self-employed, sole traders or partnerships, with a minimum turnover of €50,000 and are not owned and operated by a public body.
• The Scheme is open to firms that currently employ less than 250 and with current turnover of less than €25m;
• the business is not eligible for CRSS, the Fáilte Ireland Business Continuity Scheme, or the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media’s Live Performance Support; 
• the business operates from a building, or similar fixed physical structure on which business rates are payable (mobile premises, or premises which are not permanently fixed in place, do not meet the definition of business premises nor do premises on which no rates are payable);
• the business must have a current eTax Clearance Certificate from the Revenue Commissioners;
• the turnover of the business over the claim period is estimated to be no more than 25% of the average weekly turnover of the business in 2019; or the projected average weekly turnover of the business for 1 January to 31 March 2021, and 30 June 2021 where applicable, for businesses that commenced after 1 November 2019, and the financial plans as of end of 2019 should be uploaded with the application;
• the business intends to resume trading in full once Government restrictions are eased;
• all eligible applications receive a first payment of €4,000; and
• payments will be dispersed in the same format as rates refunds via bank transfer.

For further information see: https://www.gov.ie/en/press-release/94496-government-160m-boost-to-covid-19-business-grants/

Stay safe.