Government measures in key jurisdictions 5th edition - Flipbook - Page 62
Ireland
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Enterprise Ireland Supports – the Department of Business, Enterprise and Innovation
has implemented a Ä200m 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. In addition, Enterprise Ireland has
created a new Ä180m Sustaining Enterprise Fund (“SEF”) in order to provide manufacturing
and internationally traded services companies with capital to help stabilise and rebuild their
businesses. The Irish Government has recently approved an additional Ä90m funding for
the SEF, which offers funding of up to Ä800,000, with Ä200,000 or 50% in nonrepayable grants to eligible manufacturing and internationally traded services companies.
Covid-19 Business Aid Scheme (“CBAS”) – the CBAS was recently launched by the Irish
Government in February 2021 and provides grants to self-employed, sole traders,
partnerships and companies with a minimum annual turnover of Ä50,000. In order to
qualify for the CBAS, applicants must be ineligible for the Covid-19 Restrictions Support
Scheme and the Fáilte Ireland Business Continuity Scheme and have a reduction in
turnover of at least 75%. For example, wholesalers, caterers and event suppliers who
operate from a building, or similar fixed physical structure on which business rates are
payable but which are not open to the public are eligible;
Covid-19 Restrictions Support Scheme (“CRSS”) – the CRSS was introduced to support
businesses significantly affected by restrictions introduced to combat the Covid-19
pandemic and applies when Level 3 or higher restrictions are in place. In order to qualify
for the CRSS, the relevant business must have been required to prohibit or considerably
restrict customers from accessing their business premises. Eligible businesses can make a
claim to Revenue for a payment known as an Advance Credit for Trading Expenses
(“ACTE”). The ACTE is equal to 10% of the average weekly turnover of the business in 2019
up to a Ä20,000 limit, plus 5% on turnover over Ä20,000. The ACTE is payable for each
week a business is affected by the restrictions and is subject to a maximum weekly
payment of Ä5,000. The CRSS is expected to be in place until the end of June 2021;
Pandemic Stabilisation and Recovery Fund (“PSRF”) – the PSRF is a Ä2 billion fund
administered by the Irish Strategic Investment Fund to support medium and large
enterprises in Ireland "materially impacted" by Covid-19. The PSRF will focus on investment
in large and medium enterprises employing more than 250 employees or with an annual
turnover in excess of Ä50 million. Aside from material impact, enterprises must be able to
demonstrate that their business was commercially viable prior to Covid-19, and they
can return to viability and contribute to the Irish economy.
Restart Grant Plus (the “Scheme”) – the Scheme provides grants between Ä4,000 and
Ä25,000 to businesses to aid them with costs associated with reopening and reemploying
workers following Covid-19 closures. The Scheme replaces and supersedes the existing
restart grant schemes (which previously provided grants between Ä2,000 and Ä10,000).
The Scheme will be available to businesses with a turnover of up to Ä25 million, with a cap
of Ä100,000 turnover per employee, and employing 250 people or less, which were closed
or impacted by at least a 25% reduction in turnover. The Scheme is a contribution towards
the cost of reopening or keeping a business operational following the pandemic. In addition,
eligible businesses in Kildare, Laois and Offaly affected by the previous increase in Covid-19
restrictions that are eligiable for the scheme will be entitled to a 20% top-up with businesses
in Kildare to receive a further 20% top-up, equivalent to a 40% uplift overall. This 40%
increase will also be available for pubs, bars and nightclubs who have had to remain closed
with eligible businesses in Dublin being entitled to a 30% top-up. The Scheme has now been
made available to previously precluded ratable sports businesses, trading charity shops, the
hospitality sector and tourist attractions, as well as non-rated B&Bs being eligible for the
minimum grant of Ä4,000. Applications for the Scheme closed on 31st October 2020.
A 6-month VAT reduction – there will be a temporary reduction to the standard rate of VAT
in Ireland from 23% to 21%. This 2% temporary reduction in the standard rate of VAT is
effective from 1 September 2020 for a six month period to 28 February 2021.
In addition to the above, a range of measures have also been agreed between the Irish
retail banks and the Irish Government as follows:
Government measures in key jurisdictions
