A €50 million suite of measures to support the live entertainment industry in Ireland during the COVID-19 pandemic has been revealed.
There are two main supports that may help small music business in the coming months:
Live Performance Support Scheme (LPSS)
Established sole traders and music businesses that have a proven record of accomplishment in the live performance sector can avail of this scheme if they are planning to hold a live performance/event on or before 30 September 2021.
To apply you must be you must be tax compliant and you must not be funded by the public sector from 2018 - 2020 (excluding COVID-19 supports).
The minimum grant will be €10,000 and the maximum grant will be €800,000.
This Scheme will open for applications on 19th March 2021 and you can find out more here
Music Entertainment Business Assistance Scheme (MEBAS)
The Music Entertainment Business Assistance Scheme (MEBAS) will see €14 million in supports allocated to assist businesses that have been significantly impacted by COVID-19 but have yet to qualify for other business supports, like the CRSS. Sole traders, partnerships and companies operating exclusively within the commercial live entertainment sector can apply.
This scheme will see support offered by way of two levels of flat payments:
- €2,500 for businesses with a VAT-exclusive turnover of €20,000 - €100,000;
- €5,000 for businesses with a VAT-exclusive turnover in excess of €100,000.
The scheme is expected to open next month for applications.
Date published 11 Mar 2021 | Last updated 11 Mar 2021This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.