New Covid grant available for small firms

Applications for the first phase of the Irish Government’s Small Business Assistance Scheme for Covid are now open.

Small Business Assistance Scheme for Covid (SBASC) gives grants to businesses who are not eligible for the Government’s Covid Restrictions Support Scheme (CRSS), the Fáilte Ireland Business Continuity grant or other direct sectoral grant schemes.

This scheme aims to help businesses with their fixed costs, for example, rent, utility bills, security.

A payment grant of €4,000 is available for the first quarter of this year.

A decision on payment for the second quarter of this year will be made in due course.

How to qualify for the scheme

To qualify for the scheme, enterprises must have:

  • 250 employees or less;
  • Turnover of over €50,000; and
  • The turnover of the business over the claim period is estimated to be no more that 25% of previous levels

Who is eligible?

The scheme is available to companies, self-employed, sole traders or partnerships. Businesses must not be owned or operated by a public body.

Eligible businesses must be in receipt of a rates bill from their local authority for business which operates from a building, or similar fixed physical structure on which business rates are payable.

The turnover of the business over the claim period is estimated to be no more than 25pc of the average weekly turnover of the business in 2019 or the projected average weekly turnover of the business for 1 January to 30 June 2021 for businesses that commenced after 1 November 2019.

The business must be intent on resuming trading in full once Government Covid restrictions are eased.

The scheme will aid eligible business for the period 1 January to 31 March 2021.

How will the grant be paid?

The grant will be paid via the Local Authorities, based on an online application.

Eligible applications will receive an initial payment of €4,000 for Q1 2021; and payments will be dispersed in the same format as rates refunds via bank transfer.

To learn more, go here

By John Kennedy (john.kennedy3@boi.com)

Published: 18 March 2021