Business Supports During Covid - 19

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Here is useful text in relation to Government announcements for supports for businesses impacted by COVID-19:

"The Minister for Business, Enterprise and Innovation (DBEI) Heather Humphreys, T.D. has announced a package of supports for businesses impacted by COVID-19.

These include:

• A €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital Scheme for eligible businesses affected by COVID-19. Loans of up to €1.5m will be available at reduced rates, with up to the first €500,000 unsecured. Applications can be made via the SBCI website.

• A €200m package for Enterprise Supports, available through Enterprise Ireland, for vulnerable but viable firms that need to restructure or transform their business.

• An increase in the maximum loan available from MicroFinance Ireland (MFI) from €25,000 to €50,000, as an immediate measure to specifically deal with the exceptional circumstances that micro- enterprises are facing (i.e. sole traders and firms with up to 9 employees). Applications can be made through the MFI website.

• The Credit Guarantee Scheme will be available to impacted businesses through the pillar banks, with loans of up to €1m available for terms up to 7 years.

• The Department of Employment Affairs and Social Protection (DEASP) and DBEI will provide a joint first responder support service through the Intreo Offices, Enterprise Ireland and IDA Ireland in each region to provide tailored supports to impacted firms, with the objective of avoiding mass lay-offs and buying firms time to work through short-term disruption.

• Short Term Work Support from the DEASP for firms that need to reduce days or hours worked, see here.

• The range of Enterprise Ireland, IDA Ireland, Local Enterprise Office and Údaras na Gaeltachta supports will be available to help strategies to diversify markets and supply chains and improve competitiveness.

• Local Enterprise Offices in every county will be providing vouchers from €2,500 up to €10,000 (with 50:50 match funding) to support business continuity preparedness, innovation and productivity – see here.

The DBEI has also published a number of checklists to help businesses, including a Continuity Planning: Checklist of preparatory actions in responding to COVID-19. It has also published printable posters and FAQs on COVID-19 and links to DEASP information for employers and employees."



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