Applications are open now for the €60m Small Business Assistance Scheme for Covid (SBASC). This scheme 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 21st April, 2021 for the first round of the scheme. Interested businesses should contact their local authority.
The details of the SBASC include:
- the scheme is available to companies, self-employed, sole traders or partnerships, with a minimum turnover of €50,000 and are not owned and operated by a public body. The Scheme is open to firms that currently employ less than 250 and with current turnover of less than €25m;
- the business is not eligible for CRSS, the Fáilte Ireland Business Continuity Scheme, or the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media’s Live Performance Support;
- the business operates from a building, or similar fixed physical structure on which business rates are payable (mobile premises, or premises which are not permanently fixed in place, do not meet the definition of business premises nor do premises on which no rates are payable);
- the business must have a current eTax Clearance Certificate from the Revenue Commissioners;
- the turnover of the business over the claim period is estimated to be no more than 25% of the average weekly turnover of the business in 2019; or the projected average weekly turnover of the business for 1st January to 31st March 2021, and 30th of June 2021 where applicable, for businesses that commenced after 1st November 2019, and the financial plans as of end of 2019 should be uploaded with the application;
- the business intends to resume trading in full once Government restrictions are eased;
- 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 continuing to meet the criteria;
- payments will be dispersed in the same format as rates refunds via bank transfer.