In business, keep up to date with Government supports

THE Government has already brought forward a series of measures to support hardpressed businesses since the COVID-19 pandemic disrupted day to day trade back in March. Sadly, businesses across a wide range of sectors continue to be impacted due to restrictions imposed because of social-distancing. Emergency income supports, such as the Temporary Wage Subsidy Scheme and the Pandemic Unemployment Payment, have helped people to get through this difficult period. Due to the fluctuating nature of the virus and its effect on daily life, Government measures to aid the economy as the Covid-19 restrictions start to be lifted will continue as follows:

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 to provide full services to the public.