1. Apply for social welfare payments
2. Decide if you can continue to pay staff
3. Talk to your bank
4. Organise your tax liabilities
- The application of interest on late payments is suspended for January/February VAT and both February and March PAYE (Employers) liabilities. You will be able to pay these bills at a later date without incurring interest.
- You can also apply for a phased payment arrangement with Revenue in terms of any tax liabilities you feel you will not be able to pay as they fall due. You can apply for this phased payment arrangement through ROS.
- Revenue advises that businesses continue to file returns as normal.
5. Apply for a loan
- SBCI COVID19 Working Capital Scheme - A €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital scheme for eligible businesses impacted by COVID-19 has been announced. Loans of up to €1.5m will be available at reduced rates, with up to the first €500,000 unsecured. If you wish to be kept informed on developments please email the SBCI at [email protected]
- Credit Guarantee Scheme - This scheme aims to assist viable SMEs, which under normal lending criteria are unable to borrow from their bank, in accessing credit. The scheme operates by providing an 80% guarantee to participating finance providers (currently AIB, Bank of Ireland and Ulster Bank) on qualifying loans to SMEs. More details can be found here
- Brexit Loan Scheme - This scheme also provides an 80% Government Guarantee on loans up to €1.5m for a 3 year term with a fixed interest rate of 4% for Brexit impacted (15% of your business either directly or indirectly exposed to the UK or NI) businesses. If you are Brexit impacted and may not have already availed of the scheme then this could be an option for you. Full details and an eligibility application form are available on the SBCI website
- Microfinance Ireland - An increase in the maximum loan available from MicroFinance Ireland (MFI) from €25,000 to €50,000, as an immediate measure to specifically deal with the exceptional circumstances that micro-enterprises are facing (i.e. sole traders and firms with up to 9 employees). Applications can be made through their website
- Enterprise Ireland - A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme will be available through Enterprise Ireland for viable but vulnerable firms that need to restructure or transform their businesses. Please contact your development advisor for further information
Date published 16 Mar 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.
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