In today’s budget the COVID-19 Restrictions Support Scheme (CRSS) was announced. This new scheme is to provide support for businesses who have to prohibit or restrict access to customers due to Level 3 or higher COVID-19 restrictions.
Currently accommodation, food and the arts, recreation and entertainment are the sectors which will qualify for the scheme although more businesses may become eligible should the country move to a higher level of restriction.
Under CRSS the Government will make a payment, based on the 2019 average weekly turnover. To qualify a business must demonstrate that their turnover has been severely impacted in 2020; turnover may not exceed 20% of the turnover for the corresponding period in 2019.
Qualifying businesses can apply to the Revenue Commissioners for a cash payment in respect of an advance credit for trading expenses for the period of the restrictions.
The scheme comes into effect today and will run until 31 March 2021. The first payments will be made to affected businesses by mid-November.
The scheme will be subject to a maximum weekly payment of €5,000.
You can read the full TaxAssist Accountants Budget 2021 Summary here.
Last updated: 15th October 2020This 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.