Today, the 10th of September ISME release the results of our fourth flash survey on COVID-19. The survey found that 68% of respondents are availing of the TWSS or EWSS, making wages supports by far the largest liquidity solution availed of by business.
While some 21% of respondents were availing of the pandemic unemployment payment (PUP) as a self-employed person.
- 4% of businesses have availed of a Restart Grant,
- 4% of businesses have availed of the SBCI working capital scheme,
- Only 2% have availed of a MicroFinance Ireland loan, and
- 0.4% have availed of the Credit Guarantee Scheme.
This very low level of take-up of the Credit Guarantee Scheme suggests that there is unlikely to be a significant draw-down of the €2bn facility recently announced by Government.
Almost 70% of SMEs have yet to seek assistance from their banks. While 19% of businesses are owed money by the State. Of those, 38% are owed less than €10,000, and 50% are owed between €10,000 and €250,000.
ISME CEO, Neil Mc Donnell commented;
‘It is notable that after rising levels of optimism regarding the chance of survival among small business owners in our May and July surveys, this has reversed in the September survey. In the earlier surveys, 3% of SMEs foresaw their business closing within one month. This has now risen to 5% in September.’