— Ring of Cork
Accessing Government Funding and Supports during Covid-19
As this is a stressful time for businesses it’s important to know what support and funding are available for businesses within the Ring of Cork and elsewhere in Ireland during the Covid-19 outbreak. Failte Ireland has prepared some guidelines.
Last updated March 25th 2020. Original document provided by Fáilte Ireland
Government Funding and Supports schemes
Temporary COVID-19 Wage Subsidy Scheme
Illness Benefit for Covid-19 Illness
Microfinance Ireland Loans
COVID-19 Pandemic Unemployment Payment
Support Through Pillar Banks
Short Term Work Support
Debi Credit Guarantee Scheme
Temporary COVID-19 Wage Subsidy Scheme
The scheme will run for 12 weeks from 26 March 2020.
The Scheme is confined to employees who were on the employer’s payroll as at 29 February 2020, and for whom a payroll submission has already been made to Revenue in the period from 1 February 2020 to 15 March 2020.
Comments
The employer is expected to make their best efforts to maintain as close to 100% of normal income as possible for the subsidised period.
Revenue will contact them directly to confirm that they meet the conditions for this new scheme
Scheme overview and links to application
Covid-19 Information and advice for Employers
Revenue Temporary Covid-19 Wage Subsidy Scheme
This payment replaces the Department of Employment Affairs and Social Protection’s Employer Refund Scheme announced on 15th March, and any business that received refunds under the current scheme do not need to reapply.
COVID-19 Pandemic Unemployment Payment
Unemployment Payment has been introduced for anyone aged between 18 and 66 whose employer is unable to continue to pay them.
The payment is available to all employees and the self-employed who have lost employment due to the pandemic.
Non-EU/EEA individuals can avail of the payment.
Comments
Applicants should download and complete form and send to the address provided. They should not attend the Intreo office in person.
Individuals applying for the payment will be required to apply for the normal jobseeker’s payments within a 6-week period using
mywelfare.ie.
Scheme overview and links to application
DEASP Income Support Helpline
Contact details:
- 01 248 1398
- 1890 800024
DEBI Business Support Helpline
Contact details: 01 631 2002
If you have already applied before the 24th of March or are already in receipt of the Pandemic Unemployment Payment you do not need to do anything. Your next payment will be paid at the increased rate.
Self-Employed will be eligible for the Covid-19 Pandemic Unemployment Payment of €350 directly from the Department of Employment Affairs and Social Protection (rather than the Revenue scheme)
Short Term Work Support
Firms that need to reduce hours or days worked can avail of the Department of Employment Affairs and Social Protection Short Term Work Support.
It is intended to help employers during periods of temporary difficulty without resorting to permanent layoffs.
Comments
Employees must be full time and meet PRSI payment criteria to apply.
Allowance which is means tested.
How to access Support
Scheme overview and links to application
The most current DEASP advice and information for both employers
and employees can be found on:
Gov.ie Coronavirus Information for Employers and Employees Website
DEASP Income Support Helpline
Contact details: 01 248 1398 or 1890
800 024
Illness Benefit for COVID-19 Illness
As of March 24, 2020, the benefit will be €350 per week and employers can top up this payment.
Reforms for sick pay, illness benefit, and supplementary benefit have been put in place and is designed to ensure that employees and the self-employed can abide by medical advice to self-isolate where appropriate.
Comments
- Self-isolating on the instruction of a doctor or other medical professional – payment lasts 2 weeks
- Diagnosed with COVID-19 (Coronavirus) – payment is paid for the duration of illness
How to access Support
As the situation continues to evolve the most current advice and information can be found on the Gov.ie Coronavirus Employers and Employee Test Website
Scheme overview and links to application
DEASP Income Support Helpline
Contact details:
- 01 248 1398
- 1890 800024
SBCI Covid-19 Working Capital Loan Scheme
A €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital scheme for eligible businesses impacted by COVID-19.
Loans of up to €1.5m will be available at reduced rates (the maximum interest rate will be 4%), with up to the first €500,000 unsecured.
Maximum interest rate of 4% Loan terms ranges from 1 year to 3 years.
Comments
Eligibility Criteria
Turnover/profitability being negatively impacted by a minimum of 15% due to COVID-19.
Option 1 or 2 in Innovation criteria are most relevant criteria for tourism businesses.
Optional interest-only repayments may be available at the start of the loans.
Revenue will contact them directly to confirm that they meet the conditions for this new scheme
How to access Support
Approval of loans are subject to the banks own credit policies and procedures and the loan amount and term is dependent on the loan purpose.
Please note that an up to date business plan will be required to be provided to the finance provider(s) in all cases when applying for a loan.
Scheme overview and links to application
Full details of the Covid-19 Working Capital Loan Scheme are
available here
The SBCI website will be updated on a regular basis regarding the scheme, please check for the latest updates.
Further updates will be also provided through social media:
- Twitter: @SBCIreland
- LinkedIn: Strategic Banking Corporation of Ireland
DEBI Credit Guarantee Scheme
This will be available to COVID-19 impacted firms through the Pillar Banks (AIB, Bank of Ireland and Ulster Bank). Loan facilities of up to €1m will be available at terms of up to 7 years.
The Scheme aims to assist viable SMEs, which under normal lending criteria are unable to borrow from their bank, in accessing credit.
Comments
The scheme operates by providing an 80% guarantee to participating finance providers (currently AIB, Bank of Ireland and Ulster Bank) on qualifying loans to SMEs.
Minimum loan is €10,000. Loan facilities can be term loans, demand loans or performance bonds.
How to access Support
There is no eligibility process on the Credit Guarantee Scheme.
Businesses should approach their banks about the scheme and then banks take it from there.
Scheme overview and links to application
MicroFinance Ireland Loans
The maximum loan available from MicroFinance Ireland has increased from €25,000 to €50,000. Interest rates of between 6.8% and 7.8% apply.
Eligible microenterprises (businesses with less than 10 employees and up to €2m annual turnover) that are currently trading.
Loans may be used for working capital and required business changes as a result of COVID-19.
Loan terms typically last up to 3 years and are interest and repayment free for the first 6 months.
Comments
Eligibility criteria include:
- A minimum of 15% of actual or projected turnover or profit in the business is negatively impacted by COVID-19
- The business is a microenterprise
- The business is having difficulty in accessing finance from Banks and/or other commercial lending providers
Minimum loan amount is €5,000.
How to access Support
Talk to a Business Advisor in your Local Enterprise Office. Register on website at microfinanceIreland.ie or talk to a loan advisor on 01 260 1007.
Documents Required to apply include: Application Form, COVID 19 Business Plan, Cashflow Forecast, 6 Months Bank Statements, Central Credit Register Report (CCR). Other information may be required based on loan amount.
Scheme overview and links to application
More information is available on Micro Finance Ireland Loan Packages
Support through Pillar Banks
Meeting March 18. Following a meeting between representatives of the pillar banks, AIB, Bank of Ireland, KBC, Permanent tsb and Ulster Bank, the Banking and Payments Federation and Minister for Finance Paschal Donohoe five key measures have been introduced.
Banks are adopting a customer focussed approach with a wide variety of tailored supports including extensions of credit lines, risk guarantees, and trade finance. The supports complement the range of Government supports available through the Strategic Banking Corporation of Ireland.
Comments
2. Simplified application process to make it as easy as possible for businesses and personal customers impacted by Covid-19 to receive support from their banks.
3. Banks want to ensure that Covid-19 payment breaks will not adversely impact the customer’s credit record, and the banks reporting of these facilities.
4. Banks will defer court proceedings for three months.
5. The banking system stands ready to provide working capital support.
Scheme overview and links to application
This is in process. Further details to follow. Banks are meeting with the Central Bank of Ireland to urgently achieve a solution in this regard.
All businesses are being encouraged to engage with their bank to agree financing needs over the coming period and restructure as appropriate.
Fáilte Ireland Support Hub: Managing business in unprecedented times
In response to the COVID-19 crisis and the impact it is having on the tourism sector, we are targeting our business supports to respond to the most urgent challenges and threats tourism businesses are now facing.
All of these supports can be accessed here.
