Robert Troy (Longford-Westmeath, Fianna Fail)
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304. To ask the Minister for Jobs, Enterprise and Innovation the number of firms that have applied for each enterprise support measure and scheme since 1 March 2020 in response to Covid-19 provided by her Department and each State agency under her remit; the number of firms that have received assistance to date; the value of supports that have been granted in tabular form; and if she will make a statement on the matter. [10461/20]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
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In order to assist businesses to address the challenges posed by COVID-19, the Government has put in place a comprehensive suite of supports for firms of all sizes, which includes the wage subsidy scheme, grants, low-cost loans, write-off of commercial rates and deferred tax liabilities.

These supports are designed to build confidence, to further assist businesses in terms of the management of their companies and to allow them to begin looking to the future and start charting a path forward for weeks and months ahead.For a full list of supports for business please see .

The full range of Enterprise Ireland, Local Enterprise Office (LEO) and Údarás na Gaeltachta grant and advisory 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.

The most recent data on the number of firms that have applied for each of the Covid-19 enterprise support measures are available at:

In that regard, Government will continue to explore funding potential for all enterprises including micro-enterprises as they work through the challenges facing them, including through any mechanisms allowable through the EU’s state aid framework.

The Covid-19 Working Capital Scheme is offered in cooperation with the Department of Agriculture, Food and the Marine, and is supported by the InnovFin SME Guarantee facility. The scheme is operated by the SBCI. It currently makes available a fund of up to €200 million to eligible businesses that have been negatively affected by impacts arising from the outbreak of Covid-19 to enable those businesses to innovate, change or adapt in response to the current business environment. Following a further announcement this Scheme is now being significantly expanded. The scheme is open to eligible SMEs and small mid-caps (businesses of up to 499 employees) negatively impacted by Covid-19. Loans under the scheme range from €25,000 to €1.5m and are for periods of up to three years. The maximum interest rate under the scheme is 4% and loans of up to €500,000 are available unsecured.

The Covid-19 Loan, available from Microfinance Ireland (MFI), was introduced as a support to microenterprises to help them access funding arising from the Covid-19 crisis. These loans are available for eligible microenterprises responding to Covid-19-related difficulties, the negative impact of which must be a minimum of 15% of actual or projected income or profit. Loans up to €50,000 are available with terms that 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. An interest rate to 4.5% applies on the Covid-19 loans provided by MFI. This reduced rate is available to all micro-enterprises where the application is made through the Local Enterprise Network or referred by a bank or Local Development Committees. The new rate for direct applications to MFI is reduced to 5.5%.As these loans are available interest free for the first six months, the net effect is to further reduce the net interest rate payable over the period of the loan.

My Department is encouraging any affected business to take advantage of the LEO COVID-19 supports. The situation is still developing from day to day and the Government continues to respond to these developments in an effort to protect and support Irish businesses. The LEOs will continue to work with existing applicants and recipients of Business Continuity Vouchers (BCV) and their subsequent business continuity plans. The awarding of vouchers under the BCV scheme will naturally taper off in the coming weeks as the Local Enterprise Offices process the outstanding applications.

InterTradeIreland launched two new business supports, these are currently being targeted at companies who are already on one of their programs. E-merge enables companies to engage consultancy support & advice (to the value of £2500/€2800) to help them develop online sales & ecommerce solutions.

Emergency Business Solutions:Fully funded consultancy support & advice (to the value of £2000/€2250) to address key business challenges in areas such as emergency cashflow, loan applications and HR/People.

The COVID-19 outbreak will result in a serious downturn in the Irish, EU and wider global economy. The downturn will be sudden and wide reaching. Businesses, the labour market and household spending will all be negatively impacted. To assist companies to respond to these challenges, and in doing so stabilise and rebuild their business, Enterprise Ireland, on behalf of the Department of Business Enterprise and Innovation has launched a suite of COVID-19 supports; these are:

- Sustaining Enterprise Fund:This €180 million fund will provide support to eligible manufacturing and internationally traded services companies employing 10 or more employees who have been impacted by a 15 per cent or more reduction in actual or projected turnover or profit, and/or have a significant increase in costs as a result of the COVID-19 outbreak. The objectives of the scheme are to:

- Ensure eligible companies have access to the necessary liquidity; and

- Sustain business so that companies can return to viability and contribute to the recovery of the Irish economy.

The Fund will provide financial assistance in the form of repayable advances of up to a maximum of €800,000 per company.

This fund will provide a €25k to €50k short term working capital injection to eligible smaller companies to support business continuity and strengthen their ability to return to growth and be trading strongly in 3-years’ time.

- COVID 19 – HPSU Fund (SEF – HPSU):This fund is aimed at EI High Potential Start-Up companies who, due to the Covid-19 pandemic are facing delays to projectedales growth and whose fundraising plans are significantly impacted or stalled. Under this fund, HPSUs can apply for co-investment of €50,000per undertaking in the form of equity or convertible debt instruments.

In addition to this fund Enterprise Ireland has launched the following supports:

- Covid-19 Business Financial Planning Grant: A €5k grant for eligible companies to work with third party consultants to prepare a detailed financial plan with forecasts and assumptions.

- Lean Business Continuity Voucher: A €2.5k voucher for eligible companies to access training or advisory services support related to the continued operation of their business during the current pandemic.

- Covid-19 Online Retail Schemeis a grant for retail companies with greater than 10 employees to develop a more competitive online offer. This competitive call has a budget of €2 million. Successful applicants will receive funding support of up to 80% of project costs, with a maximum grant of €40,000.

- Restart Grant:This grant provides direct grant aid to micro and small businesses. The grant is a contribution towards the cost of re-opening or keeping a business operational and re-connecting with employees and customers.

Funding in respect to the Restart Grant is provided by the Department of Business, Enterprise and Innovation and is administered by the 31 Local Authorities.

Enterprise Ireland provides support for new start-ups and existing business through a wide range of initiatives and supports. The awarding of funding by the agency is based on eligibility, evaluation criteria and assessed company need.

I can assure the Deputy that I continue to work with my colleagues across Government to examine further appropriate supports to assist businesses impacted by Covid-19 and will continue to keep the supports provided for enterprise under review.