Covid-19 Update: New Supports Announced for SMEs



Good afternoon ,

As flagged in my note to you last evening, the Government has today (Saturday) announced details of new supports which aim to help businesses impacted by Covid-19.

The new supports - summarised below - are welcome, and address many of the issues that Dublin Chamber has been raising with the Government in recent weeks, based on your continued feedback.

Details of these new business supports follow the publication yesterday of the Government's Reopening Roadmap, which will allow for a phased, safe return for businesses. Together, the two announcements made over the past 24 hours provide some welcome clarity, and grounds for cautious optimism, regarding the potential for economic recovery.

The new Government support measures announced today include:

  • A restart grant for micro and small businesses based on a rates/waiver rebate from 2019 (up to €10,000 per company);
  • 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 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 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;
  • A commitment to local authorities to make up the rates shortfall, so that local authorities can continue provide full services to the public

Full details of the new supports can be found here. Dublin Chamber's full reaction to the announcement is available in our press release, which was issued to media this afternoon.

 

As always, we would welcome any feedback you have on these new supports to policy@dublinchamber.ie.

I will be back in touch with you next week. In the meantime, I hope you enjoy the rest of your weekend.

Best Wishes,

Mary Rose Burke
CEO | Dublin Chamber