Thursday, 14 October 2021
Department of Enterprise, Trade and Employment
Covid-19 Pandemic Supports
The financial support the Government provided to businesses and workers affected by the pandemic was unprecedented. Supports for business included the weekly CRSS payment for businesses forced to close their doors to the public, the Wage Subsidy Scheme, the Pandemic Unemployment Payment, the Restart Grant Plus and the Small Business Assistance Scheme for COVID (SBASC) both now closed, reduced VAT rates, a commercial rates holiday, deferred tax liabilities as well as low-cost loans. Details of the wide range of supports available are on my Department’s website at .
As the company referred to by the Deputy is no longer trading I would refer you to Revenue for insolvency advice Insolvency (revenue.ie).
I appreciate the immense impact the pandemic has had on our society, businesses and workers and I remain committed to a jobs lead recovery. With that in mind I would encourage any businesses that have ceased trading, if interested, to consider trying again and would urge them to contact their Local Enterprise Office (LEO).
The LEO network provide advice, guidance, financial assistance and other supports for anyone intending to start, restart or grow a business, and a ‘signposting’ service in relation to all relevant State supports available through agencies such as Enterprise Ireland, Revenue, the Department of Social Protection, Education and Training Boards, the Credit Review Office and Microfinance Ireland.
Microfinance Ireland (MFI) provides loans to new businesses or those who are in operation for less than 18 months. The MFI Start Up Loan is available to help get businesses up and running. It is available to sole traders, partnerships or limited companies from any business sector. The loan allows start-ups to plan their finance commitments during the important early stage of business development.
Loans are from €5,000 – €25,000 and support the set-up and early-stage phase of a new business up to 18 months with a 3-year max term. The first 3 months are interest only payments and there are no fees or hidden costs. Also included is invaluable mentoring support from an experienced business mentor on the LEO Mentor Panel. Mentoring is a vital extra support tool to help early-stage businesses.