Covid-19 : Business Support 20.08.20 – Update 45
As businesses move to the next phase of the pandemic a number of extensions, new funding opportunities and tax measures have been introduced by the Irish Government over the last number of weeks to support businesses in Ireland through these unprecedented times. We have updated our ROI Business Support summary document here for these recent developments, including:
- a new Employment Wage Support Scheme will succeed the Temporary Wage Subsidy Scheme, and run until March 2021;
- the extension of the Pandemic Unemployment Payment (PUP) to 1st April 2021, and changed to the payment rates;
- the introduction of a Restart Grant Plus Scheme for Enterprises providing direct grant aid to businesses with up to 250 employees to help them with the costs associated with reopening and reemploying workers following COVID-19 closures. The minimum grant is €4,000 and the maximum grant is €25,000 with eligible businesses in Kildare, Laois and Offaly entitled to a 20% top-up;
- the extension of the commercial rates waiver until end-September 2020;
- the introduction of the Stay and Spend initiative;
- a temporary reduction in the standard rate of VAT from 23% to 21%;
- further detail released on the following measures introduced to assist businesses in dealing with tax debt, including:
- Debt Warehousing of certain PAYE (Employer) and VAT debts.
- Reduced interest rate for outstanding debt that does not qualify for warehousing.
- the temporary acceleration of Corporation Tax loss relief; and
- the introduction of temporary Income Tax relief for self-employed individuals carrying on a trade or profession.