New Covid scheme for business opens to applicants
A new targeted Government funded support scheme, aimed at assisting vulnerable but viable businesses whose earnings have collapsed due to Covid-19 restrictions, has opened for applications.
Under the Business Resumption Support Scheme (BRSS) registered firms can claim a single payment equivalent to three times their average weekly turnover in 2019.
Businesses availed of other schemes such and Small Business Assistance Scheme for Covid and the Tourism Business Continuity Scheme, as well as the Covid Restrictions Support Scheme (CRSS), can apply once they meet the criteria.
However, they must not have been eligible for assistance under the CRSS for any period between August 30 and September 5.
The cash payment, representing an advance credit for trading expenses, will be based on 10% of weekly turnover up to €20,000 and 5% above €20,000, capped at a maximum of €15,000.
It will be open to companies, the self-employed, partnerships, certain charities and sporting bodies.
Organisations whose trading has been impacted even since restrictions have been lifted will qualify, once they meet the required conditions.
“It does not require physical premises so businesses such as taxi drivers, on course bookmakers, wholesalers and suppliers who were not eligible for CRSS will be able to benefit under this scheme providing they meet the eligibility criteria,” said Minister for Finance, Paschal Donohoe.
The business will have to be able to prove to Revenue, which will administer the scheme through ROS, that its turnover between the start of September last year and the end of August this year was no more than 25% of their average weekly turnover in 2019.
Tax clearance will be required and the applicant will also have to make a declaration that they are eligible.
They will also have to provide or verify certain information about their trading activity and turnover.
Claims can be made up to November 30.