I am keenly aware that businesses are making a massive sacrifice to protect their communities. My Department and its agencies have been focused on coming up with solutions to help businesses overcome the difficulties caused by COVID-19. Details of the wide range of supports available are on my Department’s website at https://dbei.gov.ie/en/What-We-Do/Supports-for-SMEs/COVID-19-supports/ and businesses are encouraged to contact the relevant Scheme providers to discuss their individual business circumstances.
Budget 2021 provides a significant package of tax and expenditure measures to build the resilience of the economy and to help self-employed and vulnerable but viable businesses across all sectors.
The measures in the Budget include the Employment Wage Subsidy Scheme, cash for businesses, low cost loans, commercial rates waivers and deferred tax liabilities. To ensure that all self-employed taxpayers can benefit from the losses provision introduced in the July Stimulus, we are also providing that debt warehousing provisions be extended to include the 2019 balance and 2020 preliminary tax to allow such taxpayers to defer payment for a period of a year with no interest applying.
The Employment Wage Subsidy Scheme is available to businesses registered as an employer with Irish Revenue, that possess up to date tax clearance and continue to maintain tax clearance for the duration of the scheme and once the business meets the fall in turnover criteria.
The New COVID Restrictions Support Scheme, operated by Revenue, offers a targeted, timely and temporary sector-specific support to public-facing businesses required to prohibit or considerably restrict access to their premises as a result of public health restrictions. The CRSS is available to businesses that meet the relevant criteria and are registered in Ireland as a taxpayer for corporation tax or income tax in the case of a sole trader.
I continue to work with my colleagues across Government to assist businesses impacted by COVID-19 and we will continue to address suitable enterprise measures in the context of the evolving COVID-19 and Brexit challenges to our economy and our people.