A Restart Fund of €250 million has been created for micro and small enterprises.
The fund will operate through a system of rebates/waivers of commercial rates payments from 2019. Companies will receive a total amount equivalent to no more than their 2019 rates bill and there will be a cap per business of €10,000. The minimum grant available will be € 2,000.
The grant can be used to pay ongoing fixed costs, for replenishing stock and for measures needed to ensure employee and customer safety.
To get the grant a business must:
- Be in the Local Authorities Commercial Rates Payment System
- Have an annual turnover of less than €5 million and employ between 1 to 50 people
- Have closed or suffered a projected 25% or more loss in turnover to the end June 2020
- Commit to remain open or to reopen if it was closed
- Declare the intention to retaining employees that are on the Temporary Wage Subsidy Scheme and to reemploy staff on the COVID-19 Pandemic Unemployment Payment where applicable
You can apply online for the grant through your local authority from 22 May 2020.
Processing of applications and payment of the Restart Grant will depend on the initial surge of applications but, as far as is feasible, will be prioritised according to scheduled re-opening dates in the national Roadmap.
A business will only receive this grant if its rates bill has been paid for 2019, if not then the arrears of rates will be waived for 2019 on the basis that the conditions noted above have been met.
Waiving of 2020 commercial rates
Rates due to local authorities from the most immediately impacted businesses – primarily in the retail, hospitality, leisure and childcare sectors, are waived (previously deferred) for a 3 month period beginning on 27 March2020 for businesses that have been forced to close due to public health requirements. There will also be an application process for the waiver of rates for this 3 month period.
If you have any queries or if you require any assistance on the above please contact us.
Mark Ryan, CPA,
Personal Insolvency Practitioner (PIP),
087 2996356 firstname.lastname@example.org
Main contacts email@example.com 021 4641400