New Covid business scheme open for applications
The Tánaiste Leo Varadkar has opened applications for the €60m Small Business Assistance Scheme for Covid (SBASC).
This new scheme was previously announced as Covid-19 Business Aid Scheme (CBAS).
It is aimed at businesses that are ineligible for Covid-19 Restrictions Support Scheme (CRSS) and other sector specific grants, and those that are down 75% or more in turnover are among the ones expected to benefit.
“As the pandemic goes on, more and more businesses are struggling to keep up with payroll and fixed costs,” said the Tánaiste. “My objective is to ensure that as many businesses as possible get through this period and are able to reopen 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.”
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. It is open to businesses that currently employ less than 250 and with current turnover of less than €25m.
The 31 local authorities in every county are taking applications for the scheme, with a closing date of 21 April 2021 for the first round. Interested businesses should contact their local authority.
Eligible businesses will receive a payment of €4,000 for Q1 of 2021. There will be a second payment of €4,000 for businesses continuing to meet the criteria.
