The COVID-19 crisis is presenting immediate and severe financial challenges for businesses.

Here are some practical steps, supports and guidance to help your business which has been made available by the Department of Business, Enterprise and Innovation. Visit www.dbei.gov.ie for their complete guide and recommendations.

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. Credit Guarantee Scheme for COVID-19 FAQs
• Microenterprises can access COVID-19 Business 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 4.5% and 5.5%. Businesses can apply through their Local Enterprise Office or directly at microfinanceireland.ie. Eligibility criteria apply. Microfinance Ireland COVID-19 Business Loan FAQs
• The new €450m SBCI COVID-19 Working Capital Scheme for 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. SBCI COVID-19 Working Capital Scheme FAQs
• An additional €200 million in COVID-19 funding for the Future Growth Loan Scheme, which will be released in tranches, will provide longer-term loans to COVID-19 impacted businesses.
• The new Sustaining Enterprise Fund of up to €180 million is specifically aimed at firms with 10 or more employees impacted by COVID-19 that are vulnerable but viable. The fund is operated by Enterprise Ireland, providing repayable advances of up to €800,000 as agreed with the EU under new State Aid rules.

Get advice

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

Revenue has provided COVID-19 information and advice for taxpayers and agents experiencing difficulties caused by the impacts of COVID-19.
Revenue has also issued updated advice to SMEs experiencing cashflow difficulties arising from COVID-19. This includes information on tax returns, late payment interest, debt enforcement and tax clearance.

Be aware of other government supports

• The government has announced a National COVID-19 Income Support Scheme. This provides financial support to Irish workers and businesses affected by the crisis.
• COVID-19 Wage Subsidy Scheme: The COVID-19 Wage Subsidy Scheme enables employees, whose employers are affected by the pandemic, to receive significant supports directly from their employer through the payroll system. The scheme is operated by Revenue and is expected to last 12 weeks from 26 March 2020.
• Pandemic Unemployment Payment: 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. MyWelfare.ie is the quickest and easiest way to apply for payments - all you need is your email address, PPSN and bank account details.

On MyWelfare.ie all customers can

• apply for the Covid-19 Pandemic Unemployment Payment
• apply for Enhanced Illness Benefit for COVID-19 including for self-isolation cases
• apply for a jobseeker’s payment
• request to close their Covid-19 Pandemic Unemployment Payment.

• Short-time Work Support: 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.
• Grant supports: The full range of Enterprise Ireland, IDA Ireland, Local Enterprise Office and Údarás na Gaeltachta grant supports continue to be available to eligible firms to help with strategies to access finance, commence or ramp-up online trading activity, reconfigure business models, cut costs, innovate, diversify markets and supply chains and to improve competitiveness.
• Business Continuity Voucher: The Local Enterprise Office Business Continuity Voucher is designed for businesses across every sector that employ up to 50 people. The voucher is worth up to €2,500 in third party consultancy costs and can be used by companies and sole traders to develop short-term and long-term strategies to respond to the Covid-19 pandemic.
• Trading Online Voucher: The Local Enterprise Office Trading Online Voucher is a government grant scheme, designed to assist small businesses with up to 10 employees. It offers financial assistance of up to €2,500 along with training and advice to help your business trade online. Businesses that have already received a Trading Online Voucher can now apply for a second voucher, where upgrades are required.
• COVID-19 Online Retail Scheme: A new COVID-19 Online Retail Scheme will be administered by Enterprise Ireland and will be open to retailers employing over 10 people. The total fund size will be up to €2 million under this competitive call. The objective of the Scheme is to support companies in the indigenous retail sector with a pre-existing online presence to respond to both the domestic and international consumer demand for a competitive online offer. Grants ranging from €10,000 to €40,000 will be awarded under the competitive scheme.
• COVID-19 Business Financial Planning Grant: The COVID-19 Business Financial Planning Grant, worth up to €5,000, is designed to help companies to develop a robust financial plan, including the preparation of documentation required to support applications for external finance from banks and/or other finance providers. The grant is a new support for Enterprise Ireland clients and those manufacturing or internationally traded services companies that employ 10 or more full time employees.
• Lean Business Improvement Voucher: The Lean Business Continuity Voucher is available to eligible companies to access up to €2,500 in training or advisory services support related to the continued operation of their businesses during the current pandemic. It is open to small, medium or large client companies of Enterprise Ireland or Údarás na Gaeltachta (including High Potential Start-ups). The voucher may be used to obtain services from approved providers.
• Competitive Start Fund: The Enterprise Ireland Competitive Start Fund, worth €750 million, is open to early stage companies in manufacturing and internationally traded services. The maximum support available is €50,000 for a 10% ordinary equity stake in the start-up company. The call closes on 14 April at 3pm.
• Bord Bia marketing grants schemes: Bord Bia is widening its marketing grants schemes in response to difficulties companies are facing as a result of the COVID-19 crisis with the introduction of its COVID Response Marketing Support Package.
• Supply chain workers: The Department of Transport, Tourism and Sport and the Department of Health have prepared COVID-19 guidance for supply chain workers. The guidance provides these essential workers with information as regards their continued work, the importance of access to sanitary facilities and the importance of maintaining all elements of the supply chain.
• Workplace Protection and Improvement: The National Standards Authority of Ireland (NSAI) has published a COVID-19 Workplace Protection and Improvement Guide outlining preventative measures businesses can take to prevent the spread of COVID-19.
• Retail Protection and Improvement: The NSAI has published a COVID-19 Retail Protection and Improvement Guide to help retailers manage business continuity during the COVID-19 emergency.
• Standards for medical supplies made freely available: NSAI and SAI Global have developed the COVID-19 Response Package which will provide free access to Standards for medical devices and personal protective equipment.
• Commercial rates deferral: The government has agreed support for businesses impacted by COVID-19 through commercial rates deferral.
• Training and Mentoring: The Local Enterprise Offices have moved training programmes, workshops and networking meet-ups online, covering areas such as cash management in a crisis, leading your business through COVID-19 and advice for employers impacted by the crisis. To find out more telephone or email your Local Enterprise Office.
• Filing of annual returns: The Companies Registration Office has introduced changes to annual filing obligations for companies to assist companies during the COVID-19 crisis.
• Employment Permits System Contingency Arrangements: The Department of Business, Enterprise and Innovation has implemented a contingency plan to ensure that the Employment Permits system will continue to operate in all scenarios during the COVID-19 crisis: COVID-19 Employment Permits System Contingency Arrangements.
• First Responder support service: 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.