Businesses which have been worst affected by the Covid-19 restrictions are in line for "some respite" and support from the Government's new Covid Restrictions Support Scheme.
This is the view of Fianna Fáil Senator, and Seanad Spokesperson on Enterprise, Trade, and Employment, Ollie Crowe, who said the Covid Restrictions Support Scheme will help those businesses which have been "substantially curtailed or temporarily closed" as a result of the pandemic. “This is a very welcome scheme which will hopefully provide some respite for many businesses," he said.
How the scheme works
The new scheme will take effect when Level 3 restrictions are in place. The sectors being targeted are hospitality, the arts, recreation, and entertainment. To support businesses such as these, the Government will make a payment, based on the individual businesses' 2019 average weekly turnover.
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 began this week and will run until the end of March, with the first payments being made by mid-November.
Payments will be calculated on the basis of 10 per cent of the first €1 million in turnover and five per cent thereafter, based on average VAT exclusive turnover for 2019. There will be a maximum weekly payment of €5,000.