New Government Grant Scheme targets businesses currently ineligible for CRSS and other sector specific grants

New Government Grant Scheme targets businesses currently ineligible for CRSS and other sector specific grants

On Tuesday 9th February, the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar T.D., announced measures worth €160 million to help businesses during the pandemic. This included a new €60 million COVID-19 Business Aid Scheme (CBAS) which is being developed to provide grants to businesses ineligible for the Government’s other existing schemes that are designed to help with fixed costs, for example, the Covid Restrictions Support Scheme (CRSS) or the Fáilte Ireland Business Continuity Scheme.

The details of the scheme are being finalised. According to the press release, the provisional criteria to qualify for CBAS are as follows:

• The scheme will be available to companies, self-employed, sole traders or partnerships and the business must have a minimum turnover of €50,000.
• The business must not be owned and operated by a public body.
• The business must not be eligible for CRSS or the Fáilte Ireland Business Continuity Scheme.
• They must be in receipt of a rates bill from their local authority or a business which operates from a building, or similar fixed physical structure on which business rates are payable. Mobile premises, or premises which are not permanently fixed in place, do not meet the definition of business premises nor do premises on which no rates are payable.
• The business must have a current Tax Clearance Certificate.
• The estimated turnover of the business for the claim period must be no more than 25% of the average weekly turnover for the business in 2019 or the projected average weekly turnover of the business for 1 January to 30 June 2021 for businesses that commenced after 1 November 2019.
• The business intends to resume trading in full, once Government restrictions are eased.

In response to parliamentary questions in the Dáil, the Tánaiste noted that the CBAS will provide funding of up to €8,000 for those business that are in receipt of a rates bill from their local authority.

Follow this link to read the press release in full