The Minister of Business, Enterprise and Innovation (DBEI), Heather Humphreys today announced details on the package of supports she has put in place for businesses impacted by COVID-19.
The Department of Business, Enterprise and Innovation have put a range of supports in place, including:
• A €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital scheme for eligible businesses impacted by COVID-19. Loans of up to €1.5m will be available at reduced rates, with up to the first €500,000 unsecured. A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business.
• The maximum loan available from MicroFinance Ireland will be increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that micro-enterprises – (sole traders and firms with up to 9 employees) - are facing. The Credit Guarantee Scheme will be available to COVID-19 impacted firms through the Pillar Banks. Loans of up to €1m will be available at terms of up to 7 years.
The Department of Employment Affairs & Social Protection and the Department of Business, Enterprise & Innovation will provide a joint First Responder support service through the Intreo Offices and development agencies,
Enterprise Ireland and IDA Ireland in each region will provide tailored supports for impacted firms, with objective of avoiding mass lay-offs and buying time for firms to work through the short-term disruptions.
Firms that need to reduce hours or days worked can avail of the Department of Employment Affairs and Social Protection Short Term Work Support by contacting their local Intreo Office.
In addition, Local Enterprise Offices in every county will be providing vouchers from €2,500 up to €10,000 (with 50:50 match funding) to support business continuity preparedness, innovation and productivity.
The Minister also welcomed the package of reforms for sick pay, illness benefit and supplementary benefit that is designed to ensure that employees and the self-employed can abide by medical advice to self-isolate where appropriate.
Speaking yesterday, Minister Humphreys said, "I know that this is a worrying time for businesses and I want to assure them that my Department and agencies are working on their behalf to develop and deliver a range of supports to help them through this rapidly evolving situation. I am hearing from many businesses that they are very concerned about their cashflow in the coming weeks. I want to reassure them that there are a number of schemes that can help them meet their short-term working capital and liquidity needs."
Source: www.businessworld.ie
