Updated 27 March 2020
COVID-19 has created an unprecedented health, social and economic environment worldwide. We know this is a time of great upheaval and worry for many businesses, so we have compiled a summary of the financial measures in place today to alleviate some of the financial burden for businesses.
This situation is ever evolving and we expect new measures to be announced in the days and weeks ahead. The information below is a broad summary of the measures. We will update this page if more measures are introduced.
The Employer Wage Subsidy will be of critical importance to a lot of employers. In simple terms, the Scheme is:
Our briefing note has the detail. (COVID-19 Temporary Wage Subsidy Scheme)
The Revenue have announced a number of measures to assist business and taxpayers.
Revenue are seeking input and suggestions from key stakeholders on what they can do to assist taxpayers at this time and therefore, we expect more from Revenue.
The following link contains all press releases from Revenue detailing the above measures:
The Department of Business, Enterprise and Innovation website details loans and grants available to businesses to assist with short-term cash flow problems related to the COVID-19 crisis. The website also outlines practical steps that businesses should be taking. The link to the website is:
As cash flow and levels of capital available are major concerns for many businesses, a number of loan schemes have been put in place.
Four main Government supports have been announced:
A credit guarantee scheme for SME’s via the main Irish banks for loans up to EUR1m to be made available to businesses, repayable over a 7 year term. https://dbei.gov.ie/en/What-We-Do/Supports-for-SMEs/Access-to-Finance/SME-Credit-Guarantee-Scheme/
Micro-enterprise loans of up to EUR50,000 will be made available from Microfinance Ireland for small SMEs/family businesses with loan terms typically up to 3 years. The loans may include an option for a freeze on both interest and capital repayments for the first six months. The loan would then be repaid over the remaining 30 months of the 36-month period. https://microfinanceireland.ie/
Strategic Banking Corporation Ireland has announced that eligible businesses can borrow up to EUR1.5m with EUR500,000 unsecured and at a maximum interest rate of 4%. Applicants must first apply for an eligibility letter from the SBCI before making a loan application to the relevant bank. Here is a link to the details issued so far: https://sbci.gov.ie/schemes/covid-19-loan-application/
Enterprise Ireland has announced a support package up to EUR200m in small grants for Enterprise Ireland clients. https://enterprise-ireland.com/en/about-us/services/covid-19/
In order to support employers, employees and the self-employed the Government has announced a National COVID-19 Income Support Scheme.
The key points of the scheme are:
We understand this will be a difficult time for businesses, and we are here to help. If you wish to discuss any of the measures outlined above or how the COVID-19 crisis is affecting your business, please contact your Twomey Moran adviser. Click here for our contact details.