09 Feb Dillon Welcomes Additional €160million Boost To Covid Business Grants

– New scheme (CBAS) targeting businesses ineligible for Covid Restrictions Support Scheme;

– Wholesalers, suppliers, caterers & events companies down 75% or more in turnover expected to benefit;

– €10m extra for companies developing and making Personal Protective Equipment used in fight against Covid-19.

Fine Gael TD for Mayo, Alan Dillon, has welcomed the announcement from the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar, TD, that an additional €160million will be made available to help struggling businesses during the pandemic.  A wide ranging package of supports was put in place to help businesses and workers during the pandemic, including the Employment Wage Subsidy Scheme (EWSS), the Pandemic Unemployment Payment (PUP), the Covid Restrictions Support Scheme (CRSS), low-cost loans, the deferral and warehousing of tax liabilities and the waiver of commercial rates.  UP to €160million in additional Covid Business Grants will be made available as follows:

A further €60million Scheme, called the COVID-19 Business Aid Scheme (CBAS) is being developed to provide grants to businesses ineligible for the Government’s other existing schemes designed to help with fixed costs.  Wholesalers, suppliers, caterers & events companies down 75% or more in turnover will benefit.

€10million fund will now be allocated to the Covid-19 Products Scheme to help in the fight against the virus.  Firms researching or manufacturing PPE, sanitisers, tests, equipment or other medicinal products which are relevant to Covid-19 are eligible for funding of up to 50% of their capital costs.

An additional €90million for the Sustaining Enterprise Fund, which offers funding of up to €800,000, with €200,000 or 50% in non-repayable grants to eligible manufacturing and internationally traded services companies.  The Fund has protected 22,000 jobs across the country to date.

Deputy Dillon said; “There is a number of businesses around Mayo from laundry providers to the hospitality sector, audio visual engineering services, and other service-related companies having difficulties accessing supports available to other businesses.  Thankfully, the new funding for Covid Business Grants should provide a vital lifeline to businesses that had fallen outside the eligibility of schemes already in place.  The €60million COVID-19 Business Aid Scheme (CBAS) is being developed to provide grants to businesses ineligible for the Government’s other existing schemes designed to help with fixed costs.  Wholesalers, suppliers, caterers & events companies down 75% or more in turnover will benefit.”

 

Deputy Dillon added: “The new COVID-19 Business Aid Scheme will help some businesses that aren’t eligible for existing grants, largely due to the fact that the premises they operate from have not been closed to the public.  It is estimated that this will help approximately 7,500 businesses nationally.  While the grant will be modest, it will be of substantial assistance to smaller businesses with some of their fixed costs like rent, utilities and security.  For example, wholesalers, suppliers, caterers, office-based businesses & events companies down 75% or more in turnover will qualify.

 

Deputy Dillon concluded: The Department of Enterprise, Trade and Employment are finalising the details of the CBAS and it will be open for applications shortly.  An additional €10m will be allocated to the Covid-19 Products Scheme to help in the fight against the virus.  Firms researching or manufacturing PPE, sanitisers, tests, equipment or other medicinal products which are relevant to Covid-19 are eligible for funding of up to 50% of their capital costs.  There is also huge demand for the Sustaining Enterprise Fund, supporting our manufacturers and exporters which have experienced a drop in orders.  The Scheme has protected 22,000 jobs all across the country to date and this €90m will secure many more.”