{"id":6619,"date":"2020-03-31T11:04:56","date_gmt":"2020-03-31T10:04:56","guid":{"rendered":"https:\/\/www.sage.com\/en-ie\/blog\/?p=6619"},"modified":"2026-01-09T15:06:34","modified_gmt":"2026-01-09T15:06:34","slug":"coronavirus-financial-support-irish-businesses","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-ie\/blog\/coronavirus-financial-support-irish-businesses\/","title":{"rendered":"Coronavirus: Financial support to help Irish businesses"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tMoney Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tCoronavirus: Financial support to help Irish businesses\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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With the coronavirus (COVID-19) outbreak affecting businesses across the country, the Irish government has announced a series of financial measures to provide support.<\/p>\n\n\n\n

The first one was unveiled on 9 March 2020, a \u20ac3bn rescue package \u2013 that money was originally earmarked to tackle Brexit.<\/p>\n\n\n\n

However, as the impact of the outbreak takes its toll on the economy, the government announced a number of enhanced support measures that will provide businesses with the financial help they need, as well as help those who have lost their jobs either temporarily or permanently.<\/p>\n\n\n\n

In this article, we outline the main measures that are in place, in terms of supports earmarked to help businesses \u2013 from the government and the banks \u2013 while details on unemployment and sick leave are covered too.<\/p>\n\n\n\n

Financial support for businesses<\/h2>\n\n\n\n

There are supports<\/a> in place for businesses. To avail of these supports, in general a business must prove that its turnover has dropped by 25% and that it’s having liquidity difficulties.<\/p>\n\n\n\n

A \u20ac200m Strategic Banking Corporation of Ireland (SBCI) working capital fund<\/a> has been set up to support businesses that have been severely impacted by coronavirus. Loans of up to \u20ac1.5m will be made available at reduced rates, with the first \u20ac500,000 unsecured.<\/p>\n\n\n\n

A further \u20ac200m of enterprise supports will be available through Enterprise Ireland to rescue and restructure viable but vulnerable businesses.<\/p>\n\n\n\n

In addition, sole traders and companies with up to nine employees in need of microfinancing will see the maximum available amount for immediate loans increase from \u20ac25,000 to \u20ac50,000.<\/p>\n\n\n\n

The Credit Guarantee Scheme (part of the SBCI), which helps viable small businesses secure credit when their bank has refused, is also being promoted.<\/p>\n\n\n\n

And to assist with the immediate cost of dealing with coronavirus, Local Enterprise Offices<\/a> in every county will be providing vouchers from \u20ac2,500 up to \u20ac10,000 \u2013 with 50:50 match funding \u2013 to support business continuity, preparedness, innovation and productivity.<\/p>\n\n\n\n

Revenue<\/a> has put several measures in place. The application of interest on late payments of VAT for the January-February return and late payments of employers’ PAYE liabilities for February-March is suspended. Revenue has also said no debt enforcement activity would take place until further notice.<\/p>\n\n\n\n

And to relieve regulatory burden so companies can focus on more pressing financial issues, the Companies Registration Office<\/a> has announced that all annual returns due for filing up to 30 June 2020 will be treated as if they have been filed on time, if all parts of the return are completed by that date. Also, if needed, the deadline may be pushed back further.<\/p>\n\n\n\n

Meanwhile, local authorities<\/a> will defer commercial rates for those who can’t pay them. The deal will relate primarily to the retail, hospitality, leisure and childcare sectors, and will last until the end of May 2020.<\/p>\n\n\n\n

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Webinar: Coronavirus business financial support<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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Join our free webinar to understand what Irish government financial help is available and how to access it.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tFind out more<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"\"\t\t\t<\/div>\n<\/div>\n\n\n\n

Financial measures from the banks<\/h2>\n\n\n\n

After consultation with the Irish government, the main banks<\/a> have announced financial measures too. These include:<\/p>\n\n\n\n