Small Business Assistance Scheme accepting applications

Applications are open for the government’s Small Business Assistance Scheme for Covid, under which businesses whose turnover fell more than 75% can apply for a grant of €8,000.

It’s an additional scheme aimed at helping businesses that don’t qualify for the Covid Restrictions Support Scheme, and the first phase has a fund of €60m to disburse.

Eligible businesses will receive a payment of €4,000 for the first quarter of 2021. There will be a second payment of €4,000 for those continuing to meet the criteria.

Applications are being handled by local authorities from today and the closing date is April 21.

Business minister Leo Varadkar said: “As the pandemic goes on, more and more businesses are struggling to keep up with payroll and fixed costs. My objective is to ensure that as many businesses as possible get through this period and are able to reopen successfully. 

“This new payment will help businesses with fixed costs like rent, insurance, utilities and security.  SBASC should help around 7,500 mainly small businesses and although the grant is modest, it will go a long way for the smallest businesses.”

Among the qualifying criteria for the Small Business Assistance Scheme for Covid are:

  • The scheme is available to companies, self-employed, sole traders or partnerships, with a minimum turnover of €50,000, are not owned and operated by a public body; employ less than 250 people; and have a current turnover of less than €25m.
  • The business is not eligible for CRSS, the Fáilte Ireland Business Continuity Scheme, or the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media’s Live Performance Support.
  • Must must have a current eTax Clearance Certificate from the Revenue Commissioners.
  • Must operate from a building on which commercial rate are paid.
  • Turnover over the claim period is no more than 25% of average weekly turnover in 2019 or the projected average weekly turnover of the business for January 1 to 31 March 2021 for businesses that commenced after November 1 2019.
  • The business must intend to resume trading in full once Covid restrictions are eased.

Article Published: 31/03/2021