Financial Support

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The Department of Business, Enterprise and Innovation (DBEI) have put a range of supports in place, including:

  • SBCI
    • A €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital scheme for eligible businesses impacted by COVID-19. Loans of up to €1.5m will be available at reduced rates, with up to the first €500,000 unsecured. Applications can be made through the SBCI website
  • Enterprise Ireland
    • A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business.
  • Local Enterprise Office
    • The maximum loan available from MicroFinance Ireland will be increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that micro-enterprises – (sole traders and firms with up to 9 employees) – are facing. Applications can be made through the MFI website or through your local LEO.
  • Credit Guarantee Scheme
    • The Credit Guarantee Scheme will be available to COVID-19 impacted firms through the Pillar Banks. Loans of up to €1m will be available at terms of up to 7 years.
  • DEBI Supports
    • You can read about the steps and supports for SMEs available from the DBEI here.

Financial support for staff

The government has announced a National COVID-19 Income Support Scheme. This will provide financial support to Irish workers and companies affected by the crisis.

In summary:

  • temporary wage subsidy of 70% of take-home pay up to a maximum weekly tax-free amount of €410 per week to help affected companies keep paying their employees. This is the equivalent of €500 per week before tax. More information about the scheme can be found HERE
  • workers who have lost their jobs due to the crisis will receive an enhanced emergency COVID-19 Pandemic Unemployment Payment of €350 per week (an increase from €203)
    • A presentation about the scheme can be found HERE
    • FAQs for employees and employers can be found HERE
  • the COVID-19 illness payment will also be increased to €350 per week
  • the self-employed will be eligible for the COVID-19 Pandemic Unemployment Payment of €350 directly from the Department of Employment Affairs and Social Protection (rather than the Revenue scheme)
  • enhanced protections for people facing difficulties with their mortgages, rent or utility bills

Read in full HERE

You can also email or call our HR Support service Monday – Thursday 9.00 -5.30 and Friday 9.00 -5.00

Releases

Government announces new COVID-19 Income Support Scheme
The government has today announced a National COVID-19 Income Support Scheme. This will provide financial support to Irish workers and companies affected by the crisis. Find out more here:

Employer Refund Scheme update on top-ups
There has been an update to the Employer Refund Scheme, allowing employers engaged with the scheme to top up the payment provided by the State. Find out more here:

Commercial Rates
Support for businesses impacted by COVID 19 through commercial rates deferral. Read here

Refunding Employers

Minister for Employment Affairs and Social Protection, Regina Doherty today announced details of how the government would refund employers who temporarily laid off their employees but are continuing to pay them €203 per week during the current COVID-19 (Coronavirus) situation.
Under the arrangement developed with Revenue, employers who have to temporarily lay-off staff and who are not in a position to make any wage payment to them, are asked to keep their employees on the payroll and pay them an amount of €203 – the equivalent of the COVID-19 Support Payment. When they submit payroll returns to Revenue via their payroll provider, Revenue will refund the employer the €203. Read about it here 

Business Supports from DEBI
Minister Humphreys announces supports for businesses impacted by COVID-19 on Wednesday 11th March 2020 read about it here.