Funding scheme to help Longford businesses with fixed costs

Small Business Assistance Scheme for Covid (SBASC) open from today for applications from both SMEs & microenterprises

Funding scheme to help Longford businesses with fixed costs

Small Business Assistance Scheme for Covid (SBASC) open from today for applications from both SMEs & microenterprises. Image by Gerd Altmann from Pixabay

As the Small Business Assistance Scheme for COVID (SBASC) opened today for a second round of applications from both SMEs and microenterprises Minister for Trade Promotion, Digital and Company Regulation, Robert Troy said the recovery of small businesses will be central to the country's jobs-led recovery. 

Businesses that received the grant in the first round can receive a second grant provided they are still eligible.

SMEs and microenterprises can apply for a grant of €4,000 for those with turnover above €50,000 and €1,000 for microenterprises with a turnover of between €20,000 and €49,999, via a new streamlined application process through their Local Authority or Local Enterprise Office.

Following on from a recent Government decision, businesses operating from non-rateable premises, such as a home office or hot-desk are also eligible to apply.

Longford / Westmeath Fianna Fáil Deputy Troy remarked, “Small businesses are the backbone of our economy and their recovery will be central to our jobs-led recovery.

"As we gradually reopen society, the expansion and streamlining of SBASC for Q2 applications to assist both small and micro enterprises will help address some of their fixed costs as they get back to business.

"While modest, Government is committed to supporting their long-term viability, particularly as we move into the early stages of recovery.

"Through the various policies, financial support schemes available and regulatory responses currently underway we hope to rebuild a better, more resilient economy. Engagement will continue to ensure we are responsive to the needs of business and I encourage small businesses to ensure they are aware of the supports available to them.”

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.

Those who applied under Phase 1 are still eligible to apply for a second payment of €4,000 or €1,000 if they continue to meet the criteria.

Interested businesses should contact their Local Authority or LEO. Closing date for Phase 2 applications is July 21.

Businesses in receipt of the Employment Wage Subsidy can apply for and receive this grant without it affecting their claim.  It is a grant, not a loan or tax credit and is not re-payable.

These schemes are 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.

Longford Fine Gael Senator Micheál Carrigy said 'the good news is that phase 2 of the scheme will include businesses that operate from a non-rateable premises like a private home or hot desk and those with a turnover of less than €50,000'.

Senator Carrigy continued, “We need to ensure that local businesses are aware of these changes. Although  government have publicised the SBASC and other Government schemes as much as we can, we still come across many examples of businesses that are not aware of what they are entitled to. The closing date for Phase 2 applications is July 21.  

"I know it’s a modest enough grant but it will make a big difference in helping with utility, IT, legal and accountancy bills and the other fixed costs incurred by a business. Businesses in receipt of the Employment Wage Subsidy can apply for and receive this grant without affecting their claim. It is a grant, not a loan or tax credit and is not re-payable.

"This announcement comes on the back of last week’s Economic Recovery Plan – a €4 billion stimulus to fuel the economy and help businesses to recover and rebuild. Across 2020 and 2021, €38 billion was provided to help us all weather the pandemic. This is an unprecedented level of Government spending but we believe the best chance of rapid economic recovery, of returning to full employment, of avoiding tax rises or spending cuts – is for our economy to bounce back fast.”

Longford manager Padraic Davis looking for a big performance in scrap to retain Division 3 status

Longford senior footballers have a date with Carlow in the opening round of the 2021 Leinster Championship at the end of the month but before that they face a major match in the National League Division 3 relegation play-off against Tipperary at Glennon Brothers Pearse Park on Sunday next, throw-in 3.45pm. 

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