By Caitlyn Buchanan, 8th April 2020
The Covid-19 pandemic has resulted in the most challenging situation for Irish Businesses since the 2008 financial crisis. The Irish Government and Department of Enterprise, Business and Innovation (DBEI) have launched a range of supports to assist businesses to stay open and keep their staff employed during this difficult time. The goal is to keep businesses in operation and ensure continuity until things return to normal.
Financial Support for Irish Businesses
- €200m Working capital scheme – The Strategic Banking Corporation of Ireland (SBCI) have made loans of up to €1.5m available at reduced rates to eligible businesses.
- €200m Package for Enterprise Supports – Available through Enterprise Ireland which includes a Rescue and Restructuring Scheme to transform viable businesses that have been made vulnerable.
- Loans up to €50,000 – MicroFinance Ireland has doubled the maximum loan to micro-enterprises facing exceptional circumstances. Mirco-enterprises include sole traders and businesses with up to 9 employees.
- Credit Guarantee Scheme – Ireland’s Pillar Banks have loans of up to €1m at terms up to 7 years for businesses impacted by Covid-19.
Support for Irish Businesses Experiencing Trading Difficulties
- First Responder Support Service -In an effort is to reduce mass layoffs and give firms time to work through short-term disruptions, Enterprise Ireland &IDA Ireland are providing tailored supports to impacted businesses in each region.
- Short-term Work Support – DEASP support for businesses that need to reduce working hours or days.
- Strategy Grant Supports – Enterprise Ireland, IDA, local enterprise office and Údarás na Gaeltachta are offering grant supports to help businesses devise strategies to diversify markets, supply chains and increase competitiveness.
- €7,200 Finance in Focus Grant– Enterprise Ireland and Údarás na Gaeltachta clients who require urgent financial reviews can access consultancy support.
The DBEI are now operating a business support line offing information and advice at +353 (01) 6312002. You can also visit the DBEI Covid-19 support page for more information.
Annual Return Extension Granted by the CRO
The Companies Registration Office (CRO) have announced an amnesty for companies unable to file annual returns due to the Covid-19 outbreak. All Irish company annual returns that are due to be filed between now and 30th June will be deemed to have been filed on-time providing that all elements have been filed and completed by that date.
Company Bureau made a submission on behalf of the Irish business community requesting this measure just a few days before and are pleased this excellent gesture has been announced.
Support from Irish Banks
The Minister for Finance recently announced actions will be taken by five retail banks offering simplified access to credit, cash flow and supply chain support to SME customers. This will also include credit line extensions, up to 3 months deferrals on loan repayments, risk guarantees, and trade finance.
The government has stated that all Irish Banks are committed to providing support and showing flexibility to their customers throughout the pandemic. Business owners should contact their banking institutions to ensure they are receiving the support they need.
The Company Bureau team remain committed to providing the same level of service that you expect from us during these unprecedented times. Please don’t hesitate to Contact Us or call +353 (0) 1 6461625. We hope you remain safe and well.
Disclaimer This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change.