9 Financial Supports for those Affected by Level 5
Community
2
min read
23 Oct 2020
If you are self-employed, an SME, or working for a company that has had to close, or reduce hours due to the new level 5 restrictions, you are entitled to established or renewed financial supports from the government. MyWelfare.ie is the quickest and easiest way to apply for payments.
If you need any additional financial support, many credit unions offer low-cost, fast and flexible loans to those who need them. Get in touch with your local credit union for more information – we’re here to help.
Employees
1. The Covid-19 Pandemic Unemployment Payment - Changes
In relation to PUP, the Government has now introduced a fourth rate of payment for people whose gross earnings were €400 per week or higher prior to the pandemic. They will now receive €350 in their PUP payment each with the rate change taking effect for all new applications received since Friday, 16th October.
Existing PUP recipients who previously earned more than €400 per week will have their PUP rate automatically increased and will receive the higher rate of €350 in next week’s payment run. The other three rates of PUP payment (€203, €250 and €300) remain unchanged.
More information here.
2. Short-time Work Support
Employees of businesses that need to reduce hours or days worked can avail of the Department of the Employment Affairs and Social Protection Short-time Work Support.
More information here.
SMEs and Employers
3. The Covid-19 Restrictions Support Scheme (CRSS)
Businesses forced to close due to Covid-19 restrictions will be able to claim up to €5,000 week from Revenue if they are forced to close due to level three or higher restrictions. Effective immediately and will run to March 2021.
More information here.
4. COVID-19 Restart Grant Plus Scheme
The restart grant has been upgraded to the restart grant plus scheme.
Companies who have had a reduction in turnover of 25% or more due to Covid-19 and employ 250 people or less, are eligible for a refund of their commercial rates from 2019. The cap per business is €25,000 – up from €10,000. If you are a business who has already availed of this rebate, you can apply again for a top up, through your local authority.
More information here.
5. Online Retail Scheme
A COVID-19 Online Retail Scheme is for retailers employing over 10 people. Grants ranging from €10,000 to €40,000 will be awarded under the competitive scheme to retailers seeking to improve their existing online capability. A number of companies have been approved under the scheme. Although the application date may be ended, keep an eye out for more opportunities.
More information here.
6. Support by Sector
There are also tailored supports for different sectors including food and drink, hospitality, design, culture, childcare seafood, farming, tourism and supply chain workers.
More information here.
7. Employment Wage Subsidy Scheme
For employers affected by the lockdown, a new Employment Wage Support Scheme was announced on 23 July 2020 under the July Jobs Stimulus Package. It has replaced the Temporary COVID-19 Wage Subsidy Scheme, and will run until 31 March 2021. Under the EWSS, employers whose turnover has fallen 30% will get a flat-rate subsidy of up to €203 per week per employee. New firms in sectors impacted by COVID-19 will also be eligible.
More information here.
8. Seed and Venture Capital Scheme 2019-2024
An additional €10 million is available in funding from Enterprise Ireland’s Seed and Venture Capital Scheme. The scheme aims to help early stage start-up companies, particularly those impacted by COVID-19.
More information here.
9. Enterprise Fund
The Sustaining Enterprise Fund of up to €180 million is specifically aimed at firms operating in the manufacturing and internationally traded services sectors, with 10 or more employees, that are vulnerable but viable. The fund is operated by Enterprise Ireland.
More information here.
If you need any additional financial support, many credit unions offer low-cost, fast and flexible loans to those who need them. Get in touch with your local credit union for more information – we’re here to help.