Support for Small Businesses Affected by COVID-19

In this article, we bring information about some supports for small Irish businesses affected by COVID-19. As you will be aware, there are numerous types of supports and sources of information and in this article, we try to highlight some of these supports in order to make it easier to find the appropriate support for your small business. (Note: this article is not a complete list of all available supports)

Loans

SME Credit Guarantee Scheme

This scheme aims to help SMEs impacted by COVID-19-related issues to have access to sufficient working capital. The purpose of the SME Credit Guarantee Scheme is to encourage additional lending to SMEs by offering a partial Government guarantee (currently 80%) to banks.

Find out More.

Microfinance Ireland COVID-19 Business Loan for Micro Enterprises

Micro Enterprises can apply for loans of up to €50,000 (conditions apply). A Micro Enterprise is defined as 

A micro-enterprise is a business with:

  • fewer than 10 full-time employees
  • less than €2m annual turnover and
  • a Balance Sheet with Net Worth/Capital Account/Equity that does not exceed €2m.”

Find out more here.

Hire a Consultant

Business Continuity Grant

The new Business Continuity Voucher, available through Local Enterprise Offices, is designed for businesses across every sector that employs up to 50 people.

The voucher is worth up to €2,500 in third party consultancy costs and can be used by companies and sole traders to develop plans to deal with the negative impact of COVID-19.

Find out More.

HR Advice

COVID 19 – An Employer’s Guide 

This is a downloadable PDF that was created by the HR Suite and Enterprise Ireland. One of the purposes of the Guide is to give direction on the diverse and urgent HR issues that employers may now face and provide templates for new policies and guidelines. See the Guide here.

Improve your Online Presence

Trading Online Voucher Scheme (TOVS)  

The TOVS is a grant for SMEs to add an online payment facility to their websites (and develop their websites in other ways).  It is available to companies with 10 or fewer employees. 90% of the cost of the website development will be funded by your Local Enterprise Office – capped at €2,500. It is not restricted to typical eCommerce websites selling products only – you can add an online payment facility to accept deposits for appointments or to pay for resources such as eBooks, Guides, Manuals etc.

You can find out more from the article below. 

Revenue Advice to SMEs

The Revenue Commissioners have issued advice to SMEs with cash flow difficulties that have arisen as a result of COVID-19.

Read it here.

Other useful links

https://www.mhc.ie/latest/insights/financial-supports-available-to-businesses-affected-by-covid-19

https://dbei.gov.ie/en/What-We-Do/Supports-for-SMEs/COVID-19-supports/Government-supports-to-COVID-19-impacted-businesses.html

https://globalambition.ie/supports/innovation-support/covid-19-business-planning-grant/