As Businesses in Ireland face unprecedented threats to their survival, there have been a number of supports for businesses announced that could help them during this Global Emergency. I have listed some of the main measures as detailed on https://dbei.gov.ie/ .
I welcome the intervention by @centralbank_ie in relation to Insurance Companies and cover for businesses – glad to have worked with @InsuranceRefIre@VFIpubs@RAI_ie to ensure this matter was highlighted. Let’s continue to work together to ensure a fair resolution is achieved.
Covid-19 Wage Subsidy Scheme
provides financial support to Irish workers and companies affected by the crisis.
On Tuesday, 24 March the Government announced new measures to provide financial support to workers affected by the Covid-19 crisis. As part of these measures, Revenue operates a Temporary Wage Subsidy Scheme. The scheme, enables employees, whose employers are affected by the pandemic, to receive significant supports directly from their employer through the payroll system.
Enhanced emergency Covid-19 Pandemic Unemployment Payment
The COVID-19 Pandemic Unemployment Payment will be paid at a flat rate of €350 per week until the beginning of Phase 3 of the Roadmap (June 29) .
From Phase 3 of the Roadmap (June 29) the Pandemic Unemployment Payment will be paid at two rates, aligned to prior earnings. :
- For those whose prior employment earnings were €200 per week or higher (about 75% of recipients), the rate will remain at €350 per week;
- For those whose prior employment earnings were up to €199.99 per week (about 25% of recipients), the rate will be €203 per week – the primary rate of payment of the Jobseeker’s Benefit scheme.
Support for mortgage-holders
A series of measures to support people impacted by Covid-19 have been announced by the banking sector. Please click here for full details.
Banking and Credit Measures
All the banks have announced that they will offer flexibility to their customers, and they may be able to provide payment holidays or emergency working capital facilities. Please click here for full details.
Other supports for businesses as provided by dbei.gov.ie
In addition to the Scheme being announced today, the Government has already announced a range of measures including:
(i) financial supports, including a €200m Strategic Banking Corporation of Ireland Working Capital scheme; a €200m Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms; the maximum loan available from Microfinance Ireland has been increased from €25,000 to €50,000 (these loans are now interest free with no repayments for 6 months); Local Enterprise Offices in every county will be providing vouchers up to €2,500; a Finance in Focus grant of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients.
(ii) other supports including a First Responder support service through the Intreo Offices and development agencies, Enterprise Ireland and IDA Ireland in each region to provide tailored supports for affected businesses; the Department of Employment Affairs and Social Protection Short Term Work Support Scheme.
(iii) deferral of Business Rates: the Government has agreed with local authorities that they should defer rates payments due from the most immediately affected businesses, primarily in the retail, hospitality, leisure and childcare sectors, until the end of May.
(iv) taxation Measures to alleviate short-term difficulties: Revenue has also posted specific advice for businesses experiencing trading difficulties as a result of COVID-19 including information on tax returns, the application of late payment interest, debt enforcement, tax clearance and customs.