Mayor urges Limerick businesses to apply for grants under new Small Business Assistance Scheme for COVID (SBASC)
Mayor urges Limerick businesses to apply for grants under the new Small Business Assistance Scheme for COVID (SBASC)
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THE Mayor of the City and County of Limerick Cllr Michael Collins is urging business owners to avail of a new support scheme open to firms affected by the Covid-19 pandemic.
Limerick City and County Council is now taking applications for the €60m Small Business Assistance Scheme for Covid (SBASC) announced by the government.
The scheme was previously announced as COVID-19 Business Aid Scheme (CBAS).
For more details and how to apply check out Limerick.ie. Closing date for receipt of applications is Wednesday 21 April 2021.
The SBASC 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 fewer than 250 people and a current turnover of less than €25m.
Other details of the scheme include:
- 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 01 January to 31 March 2021 and 30 June 2021, where applicable, for businesses that commenced after 01 November 2019, and the financial plans as of the end of 2019 should be uploaded with the application
- the business intends to resume trading in full once Government restrictions are eased
- all eligible applications receive a first payment of €4,000
- payments will be dispersed in the same format as rates refunds via bank transfer.
Mayor of the City and County of Limerick Cllr Michael Collins said: “It is important that we continue to support our businesses through this pandemic. All supports are needed and I would encourage all firms to look at the scheme and apply for the grants available.”
“We have all sacrificed so much over the past year, and we look forward to getting back to normal shortly. Businesses across Limerick city and county are crucial in helping to get the economy back up and running to its fullest capacity, so please apply for these government supports by applying to Limerick City and County Council.”
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.
Launching the revamped scheme Tánaiste Leo Varadkar 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 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.”
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.
The Government has 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.
Limerick City and County Council along with the 30 other Local Authorities are now taking applications with a closing date of Wednesday 21 April 2021 for the first round of the scheme.
The Minister of State for Business, Employment and Retail Damien English said: “The Government wants to help as many small businesses as possible to survive this difficult time. They must do so for the future jobs-led recovery that the country needs post-Covid.”
“The new SBASC builds on the broad range of financial supports in place to help businesses stay afloat so that they can safely reopen once again. There will be two payments of €4,000 for qualifying businesses that can be used towards meeting their fixed costs. I urge qualifying businesses to reach out and ensure they get what they are eligible for.”
“Small enterprises are the backbone of the Irish economy, and engagements will continue with those sectors of the business community most in need of financial assistance during these tough trading times.”
The Minister of State for Trade Promotion Robert Troy said: “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.”
For more information check out Limerick.ie.
Closing date for applications is Wednesday 21 April 2021