Since the COVID-19 pandemic began the Government has provided a range of financial supports for business. A number of measures are still in place but some will end in the coming months:
- there is a graduated step-down in the Employment Wage Subsidy Scheme to 30 April 2022 or 31 May 2022, depending on the extent to which your business was impacted by the public restrictions imposed in December 2021
- the commercial rates waiver was extended until the end of March 2022
- the tax debt warehousing scheme was extended until 30 April 2022
- the reduced VAT rate of 9% for the hospitality and tourism sector has been further extended until 28 February 2023
As these schemes close, your business may require additional supports. In the first instance you can get free advice from the nationwide network of Local Enterprise Offices, who can talk to you about the ongoing loans and grants the Government provides:
COVID-19 Credit Guarantee Scheme
Has your business been impacted by COVID-19 and needs funding for liquidity and investment? The COVID-19 Credit Guarantee Scheme provides up to €2 billion in loans to impacted businesses. Find out more from SBCI: SME Credit Guarantee Scheme - SBCI
COVID-19 Business Loan Phase 2
If your pandemic-impacted microenterprise is seeking a loan but does not meet the conventional risk criteria of banks, the COVID-19 Business Loan - Microfinance Ireland might be of help.
COVID-19 Life Sciences Products Scheme
If your business is looking to accelerate research and development, upscale construction or upgrade testing infrastructures and fast-track production capacity in response to the pandemic, the COVID-19 Products Scheme - IDA Ireland may be of interest.
Trading Online Voucher Scheme
Help your business to trade online with the Trading Online Voucher Scheme - Local Enterprise Office, which offers financial assistance of up to €2,500 along with training and advice. Businesses that have received a Trading Online Voucher can apply for a second voucher, where upgrades are required.
COVID-19 Business Financial Planning Grant
Enterprise Ireland clients who are looking to finance third party consultants regarding detailed financial planning might avail of the COVID-19 Business Financial Planning grant - Enterprise Ireland.
Sustaining Enterprise Fund 2
Help your business to rebuild after the impact of COVID-19 with the Sustaining Enterprise Fund - Enterprise Ireland. This provides the funding needed to stabilise cashflow, adapt operations and innovate to meet new customer needs.
Sustaining Enterprise Fund 2 - Small Enterprise
If your small company is looking for short-term working capital to support business continuity, the Sustaining Enterprise Fund - Small Enterprise - Enterprise Ireland, might be of help. This fund provides a €25,000 to €50,000 injection to eligible smaller companies to help strengthen their ability to return to growth and be trading strongly in 3 years’ time.
Sustaining Enterprise Fund 2 - HPSU
The Sustaining Enterprise Fund 2 - HPSU - Enterprise Ireland is available to Enterprise Ireland High Potential Start Up (HPSU) companies impacted by the pandemic. If your HPSU is facing challenges in growing sales revenues as originally projected, requires funding to execute a revised business plan or are facing challenges to securing funding, it may be of benefit.
Accelerated Recovery Fund
The Accelerated Recovery Fund - Enterprise Ireland is designed to provide help to Irish companies seeking to adapt their operations and business models in order to remain competitive and return to growth following the effects of the pandemic. The fund supports eligible companies seeking to achieve an accelerated recovery underpinned by capital investment and/or adoption of a new, more digital approach to deliver enhanced sustainability.
The funding package also incorporates €9,000 Digitalisation Vouchers to provide strategic intervention for any eligible company wishing to develop a digital adaption plan based on their identified need.
Planning for the adaption of digital tools and techniques across your business? Find out more about the Digitalisation Voucher - Enterprise Ireland.
Green for Micro
Help prepare your small businesses for the low carbon, more resource efficient economy of the future with Green for Micro - Local Enterprise Office. This free programme is available to companies with up to ten employees.
Climate Toolkit 4 Business
Tackling our carbon emissions is good for our planet, our economy and your business. Climate Toolkit 4 Business provides you with practical ways to start taking action with a clear and accessible starting point for any business, signposting them to useful climate action resources.
If however your business needs to be restructured, the Government has introduced a new rescue process which allows viable small and micro companies which are experiencing temporary financial difficulties to restructure with the agreement of creditors.
The process mirrors elements of examinership but in a simplified administrative context which reduces court involvement, making it potentially both quicker and cheaper.
This is in addition to the existing examinership and insolvency processes.