The government has announced further measures that will be implemented to support small, medium and large enterprises that have been negatively impacted by COVID-19.
The news follows the government’s roadmap for reopening businesses and society, which sets out a five-stage plan to ease the COVID-19 restrictions and reopen Ireland’s economy and society.
Existing measures
The government have already implemented a number of measures to support Irish businesses, including:
- A €10,000 restart grant for micro and small businesses based on a rates/waiver rebate from 2019;
- A three-month commercial rates waiver for impacted businesses;
- A €2 billion Pandemic Stabilisation and Recovery Fund within the Ireland Strategic Investment Fund (ISIF), which will make capital available to medium and large enterprises;
- A €2 billion COVID-19 Credit Guarantee Scheme to support lending to SMEs for terms ranging from 3 months to 6 years, which will be below market interest rates;
- The ‘warehousing’ of tax liabilities for a period of twelve months after recommencement of trading during which time there will be no debt enforcement action taken by Revenue;
- A commitment to local authorities to make up the rates shortfall, so that local authorities can continue to provide full services to the public.
Further measures
Supplementing these supports, the government will implement the following over the coming weeks:
- A €2 billion 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;
- A €2 billion COVID-19 Credit Guarantee Scheme to support lending to smes for terms ranging from 3 months to 6 years, which will be below market interest rates;
- The ‘warehousing’ of tax liabilities for a period of twelve 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;
- The waiving of commercial rates for a three-month period beginning on 27 March for businesses that have been forced to close due to public health requirements;
- Provision of a Restart Fund for micro and small businesses of €250 million for micro and small enterprises.
Primary producers
Speaking on the announcement of the new measures, Minister for Agriculture, Food and the Marine, Michael Creed TD, said: “I welcome the announcement of the expanded Credit Guarantee Scheme.”
“I have worked with my colleagues to ensure that our primary producers (farmers and fishers) would be included in the new Scheme and I am now happy to confirm that they will.”
“Cashflow and liquidity is a key issue right along the food chain and this scheme will give confidence to all businesses that assistance will be available when required.”
