9 supports still available for business impacted by CovidRemaining support and assistance programmes still available to businesses post-COVIDNow that restrictions have fully lifted, SMEs that were affected by the pandemic are adjusting to operating with no Government support in place, whilst also having to manage rising inflation and the staffing and recruitment issues that almost all businesses are currently facing. So what assistance is still available, if any, for small and medium-sized businesses that might be struggling post-pandemic?At a quick glance, the remaining COVID-19 supports are limited:The Employment Wage Subsidy Scheme ceased on 31st May 2022The commercial rates waiver ceased on 31st March 2022 (however note that for the remainder of 2022 restaurants and cafes do not have to pay Street Furniture Licence Fees for tables and chairs used for outdoor dining).The debt warehousing scheme run by Revenue was extended until 30th April. No interest will be payable up to 30 April 2023 and a reduced interest rate of 3% a year will apply from 1 May 2023.The reduced VAT rate of 9% which is available for the tourism and hospitality sector has been extended until 28th February 2023.If your business is still reeling from the effects of closures and restrictions, we have summarised the remaining supports available from the various Government agencies that may be of assistance to your business: 1. SBCI – Covid-19 Credit Guarantee SchemeThe Covid-19 Credit Guarantee Scheme is provided by the Government to facilitate lending to small and medium businesses adversely impacted by Covid-19. This includes Primary Producers – such as Agriculture and Fishing. The Covid-19 Credit Guarantee Scheme facilitates the provision of liquidity and working capital to businesses with an initial focus on term and working capital loans. The Scheme enables a borrower impacted by Covid-19 to access credit. Unfortunately, this scheme only runs until 30th June 2022 but it’s worth contacting your bank to enquire if they are still accepting applications.https://sbci.gov.ie/products/covid-19-credit-guarantee-cgs 2. SBCI – Covid-19 Credit Guarantee SchemeThe COVID-19 Business Loan from Microfinance Ireland is a government initiative to support small businesses. If your business has been impacted by COVID-19 resulting in a reduction of 15% or more in turnover or profit, and you are unable to secure finance from banks and commercial lending providers, the MFI COVID-19 Business Loan may be an option to help your business.The loans are from €5,000 to €25,000 and can be used for working capital or changes required by the business to manage COVID-19. The first six months of the loan are at a 0% interest rate with no repayments. Repayments will commence in month seven at an APR of 4.5% if your submission is through a Local Enterprise Office or 5.5% if you apply directly yourself.COVID19 Business Loan: 3. Trading Online Voucher SchemeIf you are currently considering whether your business could trade online then it is worth considering the Trading Online Voucher Scheme which is run through your Local Enterprise Office. These vouchers offer financial assistance of up to €2,500 along with training and advice to help your business trade online. Businesses that have received a Trading Online Voucher can apply for a second voucher, where upgrades are required.https://www.localenterprise.ie/Discover-Business-Supports/Trading-Online-Voucher-Scheme/ 4. IDA Ireland Covid-19 Products SchemeThe IDA’s Covid-19 Products Scheme will allow for up to €200M in targeted State support. The scheme assists businesses to accelerate research and development, upscale construction or testing infrastructures and fast-track production capacity in response to the pandemic. The scheme’s main area of focus is investment aid for testing and upscaling infrastructures for Covid-19 relevant products through capital grants. The IDA notes the main areas and activities of focus to be the testing, constructing and production of medicinal devices, products and treatments.https://www.idaireland.com/ 5. Enterprise Ireland’s Covid-19 Business Financial Planning GrantEnterprise Ireland clients who are looking to finance third party consultants regarding detailed financial planning can avail of this financial planning grant. However the grant is also open to Údarás na Gaeltachta Clients, IDA Clients and domestically focused Non-EI Clients that employ 10 or more full-time staff and are manufacturing and/or Internationally Traded Services. The grant’s purpose is to provide a strategic intervention for companies to work with third-party consultants to prepare a detailed financial and business plan with forecasts and assumptions.The grant support will provide up to €5,000 (100% of expenditure) for an engagement with an approved external consultant.https://www.enterprise-ireland.com/en/funding-supports/Company/Esetablish-SME-Funding/Covid-19-Business-Financial-Planning-Grant.html 6. Enterprise Ireland’s Sustaining Enterprise Fund 2 for Small Businesses and Sustaining Enterprise Fund 2 –for HPSUsThese funds will provide short-term working capital to support business continuity in the aftermath of Covid. The Small Business fund provides a €25,000 to €50,000 injection to eligible smaller companies to help strengthen their ability to return to growth and be trading strongly in three years’ time.The HPSU fund is similar, but available only for Enterprise Ireland High Potential Start-Up companies who have been impacted by Covid and as a result, are facing challenges growing revenues to projected levels.https://www.enterprise-ireland.com/en/funding-supports/company/esetablish-sme-funding/sustaining-enterprise-fund-small-enterprise.html 7. Enterprise Ireland’s Accelerated Recovery FundThis fund provides help to Irish companies seeking to adapt their operations and business models in order to remain competitive and return to growth following the effects of the pandemic. The fund supports eligible companies seeking to achieve an accelerated recovery underpinned by capital investment and/or adoption of a new, more digital approach to deliver enhanced sustainability.The funding package also incorporates €9,000 Digitalisation Vouchers to provide strategic intervention for any eligible company wishing to develop a digital adaptation plan based on their identified need. 8. Skillnet Ireland – training and mentoringSkillnet Ireland is running a number of initiatives aimed at helping small businesses through current business challenges.The ‘ReBound initiative’ gives small businesses online training and mentoring on implementing the return to work safely protocol. The ‘MentorsWork’ initiative is a free 8-week mentoring programme to support business recovery and help you sustain and improve your business. 9. Inter Trade IrelandInter Trade Ireland is offering assistance to cross border businesses that are currently facing challenges as a result of Covid and difficulties during these unprecedented times. In addition to their existing programmes, Inter Trade Ireland also has a number of specific Covid-19 programme supports, including new digital sales and marketing offers, as well as a series of online webinars and a business collaboration platform.https://intertradeireland.com/covid-19-supportsThe above is just a brief summary of the loans, grant aids and support tools offered by Government agencies. As a result of the current difficulties facing many businesses, we would hope to see this list increase over the coming months and we would advise any business who feel they need additional assistance to engage with their Local Enterprise Office, Enterprise Ireland, Inter Trade Ireland or their local Chamber of Commerce regarding these supports. Financial advisor to the Irish community pharmacy sector, food & beverage, SME and retail.We at Fitzgerald Power have spent thirty years offering creative solutions to a diverse range of clients across Ireland, and the UK, and we’re pretty proud of what we’ve helped our clients to achieve. We enable and empower businesses to reach any and every goal. Whatever the job, we don’t offer anything less than the best. We work across a range of sectors, including pharmacy, food & beverage, SME and retail. Please get in touch today if you would like to speak to any of our experts.Further Articles Inflation hikes: What’s causing it and how to protect your businessEurozone inflation rose to 5.6% in December 2021 and 5.8% in February 2022, setting… Read Blog The Business Book That Holds Up 21 Years LaterBook review by Stuart Fitzgerald. “Indeed, the real question is not, “Why greatness?” but… Read Blog
