Covid-19 – Support Packages for Businesses

Thu May 7 2020

Dear Member,

Following on from the government’s announcement last Saturday in relation to Covid-19 support packages for business, please see below an outline of what has been confirmed.

The supports outlined are not the full extent of the packages and we expect that further details will be available following the formation of a new Government, which is expected in June.

  • €6bn support package for farmers, small, medium and larger businesses has been agreed by Cabinet.
  • These measures include a €10,000 “restart” grant and a three-month waiver on commercial rates.
  • €4bn recovery fund and credit guarantee scheme is also included in the plan.
  • Commercial rates are to be waived for three months for business impacted by the Covid-19 pandemic.
  • €2bn 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.
  • €2bn COVID-19 Credit Guarantee Scheme to support lending to SMEs for terms ranging from three months to six years, which will be below market interest rates.
  • The ‘warehousing’ of tax liabilities for a period of 12 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.

Once we have more details on further support measures that may assist your Brokerage or your client’s businesses, we will communicate these onto you.

To access more information on supports for businesses, please download the Supports for Businesses impacted by Covid-19 booklet provided by the Department of Business, Enterprise and Innovation.

If you have any questions, please contact me at rachel@brokersireland.ie

 

Kind Regards

 

Rachel McGovern

Director of Financial Services

Brokers Ireland

 

 


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