Cash Flow Supports For Businesses Impacted By Covid-19

Does your business need cash flow support as a result of the Coronavirus outbreak? You may need support to pay your staff, suppliers, remain in operation or help to move your business online.

This blog post was updated on 21st October 2020 at 11:00 AM.

The Irish Government, Local Enterprise Offices, Enterprise Ireland, InterTradeIreland and An Post have announced measures to support the cash flow of Irish businesses.

There are also business funds and loans that business owners can avail of if you need greater financial support during these times.

If you have any questions about the support available, you can contact the support provider directly or talk to our Client Services Team for help on what to do next. We’re always happy to talk to you.

This voucher is for small businesses that employ up to 10 employees. It helps business owners trade more online, boost sales, and reach new markets.

There is up to €2,500 available through the LEO with co-funding of 10% from the business. Talk to your LEO for more information on the terms and conditions of the voucher.

Businesses that have already received a Trading Online Voucher can now apply for a second voucher, where upgrades to online systems are required.

The voucher can be used to support:

1. Implementing or upgrading payment facilities or booking systems to your website
2. Developing new apps for your customers
3. Used towards subscriptions services to low cost online retail platform solutions that will help companies quickly establish a retailing presence online

The purpose of this fund is to support small businesses reopen their doors, reconnect with the market, their employees, and their customers.

This grant is increased to €25,000 (July Jobs Stimulus 2020) and can be used to support small businesses “reopen their doors and get back on their feet”.

It’s being extended to a broader base of SMEs and other businesses, such as B&Bs, not previously included in the scheme will now be eligible.

Information on how to apply and application forms are available on each Local Authority’s website: find yours here.

This grant applies to small businesses with a turnover of under €5m and employing 50 people or less, which has closed or impacted by at least a 25% reduction in turnover.

The purpose of this fund is to assist businesses in reconnecting with the market, their employees, and their customers. It is designed to support small businesses, from hairdressers to clothes shops, to eventually open their doors once again.

The grants will be equivalent to the rates bill of the business in 2019, with a minimum payment of €2,000 and a maximum payment of €25,000. Further payments may be available to firms which have already received them.

Businesses forced to close due to Covid-19 restrictions at Level 3 or higher will be able to claim up to €5,000 per week from Revenue under the Covid Restrictions Support Scheme (CRSS).

Given the current restrictions; this will run from 13th October 2020 until 31 March 2021. This scheme will be paid in addition to the Employment Wage Subsidy Scheme (EWSS).

Payments will be based on the business’s 2019 average weekly turnover (up to a weekly max. of €5,000) and will be administered by Revenue.

Enterprise Ireland

This grant is worth up to €5,000 and eligible companies will receive external support from EI approved financial consultants to prepare a short-to-medium term financial plan. The Application Process will remain open throughout the year.

This is a new support for clients of Enterprise Ireland. It is to support companies in the manufacturing industry or internationally traded services, with up to 10 or more full-time employees.

It is designed to help companies develop a robust financial plan so it can support applications for external finance from banks and/or other financial institutions, including Enterprise Ireland.

For further information, contact your Development Advisor or contact the Covid-19 Business Response Unit at businessresponse@enterprise-ireland.com.

This €2,500 voucher is open to small, medium or large client companies of Enterprise Ireland or Údarás na Gaeltachta (including High Potential Start-ups).

It can be used to provide training or advisory support to ensure businesses can continue operating during the current pandemic.

The voucher can be used to support crisis management, sustaining operations through advisory services or training, and planning for resilience post-crisis.

You can apply for this voucher on the Enterprise Ireland website or contact your agency advisor. Note that this scheme is a short-term measure and may be withdrawn once the current emergency period ends.

The open call for the Covid-19 Online Retail Scheme is until Wednesday 27th May 2020, at 3 pm. This scheme is designed to help retail companies to introduce changes to support their online capability.

Irish-owned retail companies can apply to this fund to help “enhance their digital capability and to develop a more competitive online offer, that will enable an increase in their customer base and build a more resilient business in the domestic and global marketplace both online and offline.”

It will be a Competitive Fund and will be administered by Enterprise Ireland on behalf of the Department of Business, Enterprise, and Innovation (DBEI). The total fund size is €2m.

Successful applicants will receive a maximum of 80% of the project eligible costs with a maximum grant of €40,000.

If you think you qualify this scheme, read more information on the Enterprise Ireland website as there is a lot you need to know before you apply.

This support is worth up to £2,000/€2,250 for cross-border companies that work in manufacturing and tradable services to help support the business’s challenges related to Covid-19. 

Applications are made through an online form and all applications will be assessed based on their eligibility criteria.

The company applying for this support must be registered either in the North or South of Ireland and engage in cross-border trading. You also need to be trading for at least 18 months and have established turnover.

In the application process, you’ll need to provide a detailed overview of your business, products and services, markets, and customers. InterTradeIreland will also look for a detailed explanation of how Covid-19 has impacted your business.

For more information about this support, check out InterTradeIreland’s website.

On 20th May 2020, An Post announced a €1m Direct Mail fund for 1000 SMEs in Ireland to market their business across Ireland.

This fund offers SMEs €1,000 worth of Direct Mail for local advertising or larger marketing campaigns. These will be allocated on a first-come-first-serve basis from Monday 24th May.

An Post is also offering discounted prices for the Covid-19 period.

Customers who have An Post Advantage card can avail of discounts of 25% on parcel services.

Business owners can apply for an Advantage Card here: https://www.anpost.com/Commerce/Postal-Services/Advantage-Card

Linked Finance has a Deferred Start Loan offer for loans up to €100,000 with no repayments for the first 3 months.  Interest is fixed for the term at 10.45% and there is a 4.5% arrangement fee. The criteria is that the beneficial owners of the business provide a personal guarantee as security to their lenders.

The application process needs:

1. Two years’ filed accounts. 2018/2017 (Inc. P&L, Balance Sheet and Notes)
2. Six months’ Bank statements (September to February)
3. Tax clearance certificate or codes (if applicable)
4. Proof of overdraft

Get in touch with Linked Finance here for a discount of .5% on the arrangement fee when referred from Kinore.