News
Government Supports for Businesses Impacted by COVID-19.
Library of Knowledge No. 17
The Government’s Roadmap for Reopening Society and Business was published last Saturday 2nd May `20. This will allow us to work towards kick starting the economy.
In conjunction with this publication additional supports announced to support Businesses Impacted by COVID-19. These supports aim to boost businesses to restart, reconnect and rehire staff.
These measures include:
- A €10,000 restart grant for micro and small businesses based on a rates/waiver rebate from 2019.
- A three month commercial rates waiver for impacted businesses.
- A €2 billion Pandemic Stabilisation and Recovery Fund within the Ireland Strategic Investment Fund (ISIF), which will make capital available to medium and large enterprises on commercial terms.
- A €2 billion COVID-19 Credit Guarantee Scheme to support lending to SMEs for terms ranging from 3 months to 6 years, which will be below market interest rates.
- The ‘warehousing’ of tax liabilities for a period of twelve months after recommencement of trading during which time there will be no debt enforcement action taken by Revenue and no interest charge accruing in respect of the warehoused debt.
- A commitment to local authorities to make up the rates shortfall, so that local authorities can continue provide full services to the public.
Further clarification on how these supports will be accessed are expected to be finalised within the coming weeks. We will endeavour to include these in further issues of our `Library of Knowledge`.
Stay safe and well.
