Cork North and West LEO - COVID 19 Emergency Business Advice
COVID – 19 EMERGENCY BUSINESS ADVICE
Avail of a free 2 hours 1 to 1 phone / Video conference advisory session on challenges facing your business in the onset of the COVID 19 virus crisis in Ireland.
Apply here – https://submit.link/hNUER
Are you having issues and challenges in your business due to the COVID 19 crisis ?
We can help by appointing an adviser to assist you to look at your options in the following areas:
- Cashflow & Financing
- HR issues
- Sales & marketing
- Online Strategy & Tips to sell online
- Applying for Funding
Or any other business related issues that may arise due to the current circumstances.
Government supports for COVID-19 impacted businesses
The COVID-19 crisis is presenting immediate and severe financial challenges for businesses. Here are some practical steps, supports and guidance:
Talk to your bank
All the banks have announced that they will offer flexibility to their customers, and they may be able to provide payment holidays or emergency working capital facilities.
Take immediate steps to manage your cashflows
Look for scope to:
- Lower variable costs
- Delay discretionary spend
- Extend your payables
- Expedite your receivables
- Explore supply chain financing options
Use available government supports for working capital
- The Credit Guarantee Scheme supports loans up to €1 million for periods of up to 7 years. Applications can be made to AIB, Bank of Ireland and Ulster Bank. Eligibility criteria apply.
- Microenterprises can access COVID-19 loans of up to €50,000 from MicroFinance Ireland. The terms include a six months interest free and repayment free moratorium, with the loan to then be repaid over the remaining 30 months of the 36-month loan period. Loans are available at an interest rate of between 6.8% and 7.8%. Businesses can apply through their Local Enterprise Office or directly at microfinanceireland.ie. Eligibility criteria apply.
- The €200m SBCI COVID-19 Working Capital Schemefor eligible businesses supports loans from €25,000 up to €1.5 million (first €500,000 unsecured) with a maximum interest rate of 4%. Applications can be made through the SBCI website at sbci.gov.ie. Eligibility criteria apply.
- A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme is available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business.
Get advice from your accountant or use the advisory support available from your Local Enterprise Office.
Check your insurance cover
Check if your insurance policy covers you for an interruption in your business, or a temporary business closure, caused by COVID-19.
Engage with Revenue
If you have concerns about your ability to pay your tax liabilities speak to the Revenue Commissioners, who have advised:
“On an on-going basis, Revenue engages with viable businesses experiencing temporary cash flow or trading difficulties that affect the timely payment of tax. Revenue works very successfully with businesses that engage early to resolve their tax payment difficulties. Revenue will engage with any viable business thatexperiences temporary cashflow difficulties, including difficulties arising from exceptional circumstances such as the COVID-19 (Coronavirus) outbreak.” See www.revenue.ie.
Revenue has also posted advice for businesses experiencing trading difficulties as a result of COVID-19. This includes information on tax returns, the application of late payment interest, debt enforcement, tax clearance and customs.
Be aware of other government supports
- The government has announced a National COVID-19 Income Support Scheme. This will provide financial support to Irish workers and businesses affected by the crisis.
- The COVID-19 Employer Refund Scheme has been replaced by a new and enhanced COVID-19 Wage Subsidy Scheme to be administered by the Revenue Commissioners.
- The COVID-19 Pandemic Unemployment Payment is a payment of €350 per week. It is available to all employees and the self-employed who have lost their job due to the COVID-19 pandemic.
- Employees of businesses that need to reduce hours or days worked can avail of the Department of Employment Affairs and Social Protection Short-time Work Support.
- The full range of Enterprise Ireland, IDA Ireland, Local Enterprise Office and Údarás na Gaeltachta grant supports will be available to firms to help with strategies to innovate, diversify markets and supply chains and to improve competitiveness.
- The Department of Employment Affairs and Social Protection and the Department of Business, Enterprise and Innovation will provide a joint First Responder support service through the Intreo Offices and development agencies, Enterprise Ireland and IDA Ireland in each region to 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.
- A Finance in Focus grant of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients that want to access consultancy support to undertake immediate finance reviews.
- In addition to their current range of business supports to microenterprises, LEOs can also provide business continuity vouchers from €2,500 to assist in preparing any business continuity issues that arise in the current challenging environment. Visit LEOs COVID-19 Business Response for further details.
- Enterprise Ireland has a number of supports available to help businesses mitigate the impact of Covid-19. Their COVID-19 Business Response Plan outlines the COVID-19 supports available.
- The Department of Health has prepared COVID-19 guidance for supply chain workers.
- The government has agreed support for businesses impacted by COVID-19 through commercial rates deferral.
Business Continuity Planning: COVID-19 Checklist
The Department of Business, Enterprise and Innovation has updated its checklist on Business Continuity Planning which provides a checklist of preparatory actions for businesses in responding to COVID-19.
Posters and signs for your premises
The Department of Health has developed public health information posters and social distancing graphics to display on your premises.
More posters, leaflets and social media assets are available on HSE posters and resources.
- HSE information on COVID-19
- HSE COVID-19 guidance for the business and retail sector
- Department of Health updates
- Department of Foreign Affairs travel advice
- Health Protection Surveillance Centre (HPSC) advice and guidance including guidance for workers dealing with the general public
- DEASP information for employers and employees
- HSA COVID-19 advice including advice for employers and FAQs for employers and employees on home-working
- Competition and Consumer Protection Commission COVID-19 information hub
- FSAI information on COVID-19 and food safety
- Data Protection and COVID-19
- CIF Statement on COVID-19 and Construction
- EU Export Controls for Personal Protection Equipment
Business Support Call Centre
The Department of Business, Enterprise and Innovation has established a Business Support Call Centre for information on the government supports available to businesses and enterprises affected by COVID-19.
Tel: +353 1 631 2002