Important advice for Covid-19 affected businesses.
We are now all too familiar with our local high street shops, salons, cafes and so many other businesses being closed due to the Covid-19 pandemic.
Consequently these are very worrying times for so many enterprising people who are now forced to shut down for the foreseeable future.
Amid the economic fallout of business closures, we contacted the Local Enterprise Authority for advice on what help there is available to the thousands of worried business owners at this time.
Mentoring – the Local Enterprise Offices may be closed but you can still contact your LEO for much needed mentoring. This support will continue to be available to small businesses throughout the county, by telephone & Skype/Zoom. Contact your local LEO for more info.
MicroFinance Ireland - MFI, the Government-backed loan facility available via LEO, has extended its loan limit from €25k to a max of €50k under a new ‘COVID-19 loan scheme.
This ‘COVID-19’ loan also offers a full moratorium on repayments for the first 6 months (with no interest applied during the 6 months). This will predominately be available to meet cash-flow/ working capital needs of microbusinesses (those employing up to 10 people). Note that is for existing businesses only
Rates – This is one of local businesses main concerns, how to pay their rates so thankfully the Government has agreed with local authorities that they should agree to defer rates payments due from the most immediately impacted businesses - primarily in the retail, hospitality, leisure and childcare sectors, for three months, until the end of May. This measure will be implemented by each local authority in its own area.
Unemployment payment: For all of those who have been temporarily or permanently laid off the Dept of Employment Affairs and Social Protection has introduced a Covid-19 Emergency Unemployment Payment, details of this are available here.
