Small Business Assistance Scheme for Covid(SBASC) now open
Tánaiste opens applications for Phase 1 of €8,000 grant under new Small Business Assistance Scheme for COVID (SBASC).
This Scheme is aimed at businesses ineligible for CRSS and other sector specific grants. Businesses down 75% or more in turnover are among those expected to benefit.
Eligible businesses will receive a payment of €4,000 for Quarter 1 of 2021. There will be a second payment of €4,000 for businesses which continue to meet the criteria.
The Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD opened applications for the €60m Small Business Assistance Scheme for Covid (SBASC).
The Scheme
This scheme is in addition to the 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.
Helping Businesses to re-open successfully
The Tánaiste Leo Varadkar TD said“, As the pandemic goes on, more and more businesses are struggling to keep up with payroll and fixed costs. My objective is to ensure that as many businesses as possible get through this period and are able to re-open successfully. This new payment will help businesses with fixed costs like rent, insurance, utilities and security. SBASC should help around 7,500 mainly small businesses and although the grant is modest, it will go a long way for the smallest businesses.
“While things remain very challenging for businesses, there is reason to hope. The latest public health numbers are going in the right direction, the vaccines work and there is light at the end of the tunnel.”
In February, the Government agreed a €60m allocation for the SBASC scheme. It is available to companies, self-employed, sole traders or partnerships with a minimum turnover of €50,000 not eligible for the Revenue scheme CRSS, Fáilte Ireland Business Continuity Scheme or the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media’s Live Performance Support. In order to be eligible the business must pay rates to a public authority.
The 31 Local Authorities in every county are taking applications today with a closing date of 21 April 2021 for the first round of the scheme. Interested businesses should contact their local authority.
Listening to Feedback
“All Government supports are under review and we are engaging with industry right across the country and listening to feedback. This scheme is another example of funding the Government has put in place for businesses that need it, businesses that were not eligible for other schemes.
I would encourage small businesses to ensure they are aware of the supports available to them. The Irish economy right across the country needs small businesses to survive and thrive once our economy is opened again.”
Ends.
