CORONAVIRUS (COVID-19) – SUMMARY OF SUPPORTS [27th MAY 2020]

With the end of the ‘lockdown’ as a result of COVID 19 in sight, and the plan for the gradual re opening of commercial activity progressing, the Government has announced the creation of a new grant to provide support to businesses as part of the re opening process.

The €250 million Restart Grant has been created to provide direct grant aid to small businesses that are reopening, and is meant to be a contribution towards the cost of re-opening or keeping a business operational, as well as re-connecting with employees and customers following the COVID-19 closures.

BANK FINANCE AND LOANS

1. COVID-19 Business Loans (MFI):

Microfinance Ireland

2. COVID-19 Working Capital Scheme (SBCI):

BUSINESS INCOME SUPPORTS

1. COVID-19 Temporary Wage Subsidy Scheme (TWSS):

2. COVID-19 Pandemic Unemployment Payment:

3. COVID-19 Illness Benefit

GRANT SCHEMES

1. Restart Grant:

2. Trading Online Voucher:

3. LEAN for Micro:

4. COVID-19 Online Retail Scheme:

5. COVID-19 Business Financial Planning Grant:

REVENUE TAX RETURNS

1. ‘Warehousing’ of deferred tax debts:

Revenue has announced that all taxpayers should continue to prepare and submit their payroll, VAT and other tax related returns within the usual deadlines, however please note that where a business is in financial or cashflow difficulties due to the

COVID-19 event:

OTHER

1. Commercial rates waiver: Commercial rates are being waived for a three month period beginning on 27 March 2020 for businesses that have been forced to close due to public health requirements.

Businesses affected by COVID-19 should liaise with and keep lines of communication open with their landlord

2. Home and other existing loans – agreement on providing flexible arrangements, including a payment break for mortgages and other loans.

Customers affected by COVID-19 must contact their bank to discuss the flexibility available to them, including the possibility of a payment break of up to 3 months

3. Buy to let Landlords – customers with rental property in which the tenants are adversely impacted by COVID-19 will also be provided with flexibility, including with an opportunity to seek a payment break of up to 3 months.

Customers affected by COVID-19 must contact their bank to discuss the flexibility available to them, including the possibility of a payment break of up to 3 months

4. Measures in place for renters

The government has introduced legislation to prevent, for the duration of the COVID-19 crisis,

1. the termination of residential tenancies and

2. any rent increases

5. Measures in place for people struggling with utility bills

The Commission for Regulation of Utilities (CRU) has issued a moratorium on disconnections of domestic customers for non-payment to the gas and electricity suppliers.

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