Fianna Fáil TD for Cavan Monaghan, Brendan Smith has welcomed the extended eligibility for the €60m Small Business Assistance Scheme for COVID (SBASC) to include businesses operating from a non-rateable premises like a home business or yard.
Deputy Brendan Smith also welcomed the relaunch of the Micro Enterprise Assistance Scheme so that our smallest businesses, those with a turnover of less than €50,000 can apply for a grant of €1000 to help with fixed costs.
The Cavan Monaghan TD commented, “The outlook is somewhat hopeful as we now enter the early stages of recovery but central to our economic recovery is the small and micro business community.
“We know businesses across the country continue to feel the enormous impact Covid-19 has had on their normal operations. The expansion of the eligibility criteria of the SBASC to those working in non-rateable premises and the re-launch of support available to our micro enterprises through the Micro Enterprise Assistance Scheme is welcome.
“While modest, both schemes will provide some assistance in addressing some of their ongoing fixed costs.
“We need to ensure that we address the needs of our smallest businesses and the update to the schemes announced today will give some level of help to those who need it most. I want small and micro businesses to know that we are committed to supporting their long-term viability.”
The Small Business Assistance Scheme for COVID (SBASC) is for businesses which are not
eligible for CRSS or other sector specific grants, that are down 75% or more of turnover.
Further details, including the go-live date for Q2, will be announced shortly. Those who applied under Phase 1 are still eligible to apply for a second payment of €4,000 if they continue to meet the criteria. Interested businesses should contact their local authority.
Closing date for Phase 2 applications will be 21 July.
The Micro Enterprise Assistance Scheme is for companies facing particular hardship and that do not qualify for other government schemes. It will provide a grant of up to €1,000 to businesses with previous turnover of less than €50,000 that meet the other criteria for SBASC.
This scheme is in addition to the comprehensive package the Government has put in place to help businesses and workers during the pandemic, including the Employment Wage Subsidy Scheme (EWSS), the Pandemic Unemployment Payment (PUP), the Covid Restrictions Support Scheme (CRSS), low-cost loans, the deferral and warehousing of tax liabilities and the waiver of commercial rates.