Covid-19 Government Supports for Business

[Maureen Fitzsimons]

Yesterday, the Government announced a range of supports for business. These can also be viewed on the Governments COVID-19 Supports page and include:

• 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, with up to the first €500,000 unsecured. Applications can be made through the SBCI website

• A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business.

• The maximum loan available from MicroFinance Ireland will be increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that micro-enterprises – (sole traders and firms with up to nine employees) – are facing. Applications can be made through the MFI website or through your local LEO.

• The Credit Guarantee Scheme will be available to COVID-19 impacted firms through the Pillar Banks. Loans of up to €1m will be available at terms of up to seven years.

• IDBEI is now operating a Business Support Call Centre to advise on the Government supports available to businesses and enterprises that are affected by COVID-19. The Call Centre can be contacted at 00 353 1 631 2002.

• Deferrals of up to 3-months on loan repayments. Please contact your Bank to avail of the deferment.

Further Supports:

• Business Continuity Planning Checklist COVID-19 which identifies some of the key risks to the continuity of your business activities during the outbreak of COVID-19 and of preparatory actions that can be taken to respond.

• COVID-19 Supports page on the Department’s website there are numerous links to vital information, supports available and advice to business on dealing with COVID-19.

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