COVID-19

6 Practical Steps You Can Take Right Now

The COVID-19 crisis is presenting immediate and severe financial challenges for businesses. Here are several practical steps you can take.

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1. Talk to Your Bank

All banks have announced that they will offer flexibility to their customers, and they may be able to
provide payment holidays or emergency working capital facilities.

The main non-bank lenders also confirmed their intention to also support the range of measures
announced by the country’s main retail banks which is to be welcomed.
A deferral of up to 3-months on loan repayments will be available to many businesses. In addition,
the banks are adopting a customer-focused approach to these businesses with a wide variety of
tailored supports including extensions of credit lines, risk guarantees, and trade finance. These
supports complement the range of Government supports available through the Strategic Banking
Corporation of Ireland.
A small but important change for many businesses is the limit for contactless credit card payments
has been raised from €30 to €50.

COVID 19 Business Supports

2. Manage Cashflow

Take Immediate Steps to Manage Your Cashflows

Look for scope to:
• lower variable costs
• delay discretionary spend
• extend your payables
• expedite your receivables
• explore supply chain financing options

3. Use Government Supports

Grants, loans and other supports are available.

Several government supports are highlighted here and they are outlined in detail down the page.  Relevant website details are provided for further information and businesses should avail of all appropriate supports.

4. Get Advice

Talk to us or talk to your accountant or an independent business adviser.

Now, more than ever before, you need to talk to someone with proven financial acumen who can help you plan a course that will keep you in business. Use the advisory support available from your Local Enterprise Office.

5. Check Your Insurance

Are you covered for business interruption?.

Check if your insurance policy covers you for an interruption in your business, or a temporary business closure, caused by COVID-19. Check what options are available to you.

6. Engage with Revenue

If you are worried about your ability to pay your tax liabilities speak to the Revenue Commissioners as soon as possible.

On an on-going basis, Revenue engages with viable businesses experiencing temporary cash flow or trading difficulties that affect the timely payment of tax. Revenue works very successfully with businesses that engage early to resolve their tax payment difficulties. Revenue will engage with any viable business that experiences temporary cashflow difficulties, including difficulties arising from exceptional circumstances such as the COVID-19 (Coronavirus) outbreak. Revenue has also posted advice for businesses experiencing trading difficulties as a result of COVID-19. This includes information on tax returns, the application of late payment interest, debt enforcement, tax clearance and customs.

Taxation Consultants Dublin Revenue Audits

Government Support and Guidance

Be aware of other government supports and guidance

    • COVID-19 Wage Subsidy Scheme: The COVID-19 Wage Subsidy Scheme, operated by Revenue, enables employees, whose employers are affected by the pandemic, to receive significant supports directly from their employer through the payroll system.
    • Pandemic Unemployment Payment: The COVID-19 Pandemic Unemployment Payment is a payment of €350 per week. It is available to all employees and the self-employed who have lost their job due to the COVID-19 pandemic. MyWelfare.ie is the quickest and easiest way to apply for payments – all you need is your email address, PPSN and bank account details.On MyWelfare.ie all customers can
      • apply for the Covid-19 Pandemic Unemployment Payment
      • apply for Enhanced Illness Benefit for COVID-19 including for self-isolation cases
      • apply for a jobseeker’s payment
      • request to close their Covid-19 Pandemic Unemployment Payment.
  • Short-time Work Support: Employees of businesses that need to reduce hours or days worked can avail of the Department of Employment Affairs and Social Protection Short-time Work Support.
  • General grant supports: The full range of Enterprise IrelandIDA IrelandLocal Enterprise Office and Údarás na Gaeltachta grant supports continue to be available to eligible firms to help with strategies to access finance, commence or ramp-up online trading activity, reconfigure business models, cut costs, innovate, diversify markets and supply chains and to improve competitiveness.
  • Restart Grant: The new Restart Grant will give direct grant aid to micro and small businesses to help them with the costs associated with reopening and reemploying workers following COVID-19 closures. The Grant will be available to businesses with a turnover of less than €5m and employing 50 people or less, which were closed or impacted by at least a 25% reduction in turnover out to 30 June 2020. The grants will be equivalent to the rates bill of the business in 2019, or a minimum grant of €2,000, whichever is the higher, with a maximum grant of €10,000. Businesses who are in arrears or have not yet paid their 2019 rates bill will still be eligible to apply for the grant. Application forms can be downloaded from all local authority websites from Friday 22 May.
  • Trading Online Voucher: The Local Enterprise Office Trading Online Voucher is a government grant scheme, designed to assist small businesses with up to 10 employees. It offers financial assistance of up to €2,500 along with training and advice to help your business trade online. Businesses that have already received a Trading Online Voucher can now apply for a second voucher, where upgrades are required.
  • LEAN for MicroLEAN for Micro is available to Local Enterprise Office clients to help build resilience within small companies. Businesses can avail of consultancy support with a LEAN Expert or help to implement new remote working and physical distancing guidelines.
  • COVID-19 Online Retail Scheme: Applications are now open for the new Enterprise Ireland Covid-19 Online Retail Scheme to support retail companies to enhance their digital capability. The call is open to indigenous retailers employing 10 or more people to develop a more competitive online offer in response to the COVID-19 crisis. Grants ranging from €10,000 to €40,000 will be awarded under the competitive scheme.
  • COVID-19 Business Financial Planning Grant: The COVID-19 Business Financial Planning Grant, worth up to €5,000, is designed to help companies to develop a robust financial plan, including the preparation of documentation required to support applications for external finance from banks and/or other finance providers. The grant is a new support for Enterprise Ireland clients and those manufacturing or internationally traded services companies that employ 10 or more full time employees.
  • Lean Business Improvement Voucher: The Lean Business Continuity Voucher is available to eligible companies to access up to €2,500 in training or advisory services support related to the continued operation of their businesses during the current pandemic. It is open to small, medium or large client companies of Enterprise Ireland or Údarás na Gaeltachta (including High Potential Start-ups). The voucher may be used to obtain services from approved providers.
  • Commercial rates waiver: Commercial rates are being waived for a three month period beginning on 27 March 2020 for businesses that have been forced to close due to public health requirements.
  • Cross-border companies: InterTradeIreland’s Emergency Business Solutions offers professional advice, to the value of €2,250, to address key business challenges related to COVID-19. The E-Merge programme provides €2,800 consultancy support to help cross-border businesses develop online sales and eCommerce solutions.
  • Food, drink and horticulture sectorBord Bia’s ‘Navigating Change’ COVID-19 Response programme offers a suite of supports for food, drink and horticulture businesses affected by COVID-19.Bord Iascaigh Mhara is providing COVID-19 business support to the seafood sector.Teagasc is available to provide support on issues facing farm businesses in light of COVID-19.
  • Restaurants to operate as takeaways:  Amendments to Planning and Development Regulations temporarily allow restaurants to operate as takeaways – whereby members of the public can order food for collection for consumption off-premises or have food delivered for consumption off-premises – without being required to obtain change of use planning permission to operate as takeaways.
  • Supply chain workers: The Department of Transport, Tourism and Sport and the Department of Health have prepared COVID-19 guidance for supply chain workers. The guidance provides these essential workers with information as regards their continued work, the importance of access to sanitary facilities and the importance of maintaining all elements of the supply chain.
  • Tourism sector: In response to the COVID-19 crisis and the impact on the tourism sector, the Fáilte Ireland COVID-19 Business Support Hub is targeting its supports to respond to the most urgent challenges and threats tourism businesses are now facing.
  • Culture sector: The Department of Culture, Heritage and the Gaeltacht has provided details of the COVID-19 supports for artists and those working in the arts sector.
  • Design sector: The Design & Craft Council Ireland delivers a range of support and development programmes, including webinars and FAQs in response to COVID-19.
  • Training and Mentoring: Enterprise Ireland’s eiLearn is an online learning resource where you can access over 400 pieces of customised content designed for Irish SMEs.
  • The Local Enterprise Offices have moved training programmes, workshops and networking meet-ups online, covering areas such as cash management in a crisis, leading your business through COVID-19 and advice for employers impacted by the crisis – to find out more telephone or email your Local Enterprise Office.
  • Focus on skillsSkillnet Ireland is supporting enterprises, across 70 learning networks as they address issues such as business continuity, financial planning, digital transformation and service innovation.The network of Regional Skills Fora provides a single contact point in each region to help employers connect with the range of services and supports available across the education and training system.SOLAS provides training to companies and their employees through the Skills to Advance initiative and through online courses on the eCollege platform, which are now free to all learners.
  • Business Continuity Planning COVID-19 Checklist: The Department of Business, Enterprise and Innovation has updated its checklist on Business Continuity Planning which provides a checklist for businesses in responding to COVID-19.
  • Filing of annual returns: The Companies Registration Office has introduced changes to annual filing obligations for companies to assist companies during the COVID-19 crisis.
  • First Responder support service: The Department of Employment Affairs and Social Protection and the Department of Business, Enterprise and Innovation will provide a joint First Responder support service through the Intreo Offices and development agencies, Enterprise Ireland and IDA Ireland in each region to provide tailored supports for impacted firms.
  • Resources and guidance in response to COVID-19 from the National Standards Authority of Ireland (NSAI):