Tánaiste Opens Applications For Phase 1 of €8,000 Grant Under New Small Business Assistance Scheme for COVID (SBASC)
Applications open today for businesses ineligible for CRSS & other sector specific grants - Businesses down 75% or more in turnover among those expected to benefit
Thursday, March 11, 2021
The Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD today (Thursday, 11th March) opened applications for the €60m Small Business Assistance Scheme for Covid (SBASC).
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.
The Tánaiste Leo Varadkar TD 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 are able to 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.
In February, the Government 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.
The 31 Local Authorities in every county are taking applications today with a closing date of 21st April, 2021 for the first round of the scheme. Interested businesses should contact their local authority.
The Minister of State for Business, Employment and Retail, Damien English TD said:
“The Government wants to help as many small businesses as possible to survive this difficult time. It is important that they 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. For qualifying businesses there will be two payments of €4,000 which 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 TD 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.”