EU approves €200m Covid-19 business support

 

The European Commission has approved Ireland's €200 million scheme, in line with EU State aid rules, to provide financial support to Irish companies affected by the coronavirus outbreak.

The scheme was approved under the State aid Temporary Framework to support the economy in the context of the COVID-19 outbreak, adopted by the Commission on March 19.

The fund will be administered by Enterprise Ireland as part of a suite of emergency supports to help Irish companies that are seriously and adversely affected by the COVID-19 pandemic.

This support will be available to assist companies access the necessary liquidity and funding to sustain their businesses in the short to medium term.

The decision to approve was welcomed by Minister for Business, Enterprise and Innovation (DBEI) Heather Humphreys.

She said the scheme will operate as an additional support to the Strategic Banking Corporation of Ireland (SBCI) COVID-19 Working Capital Scheme and supports available from banks and other financial providers.

Details are currently being finalised, and further information on the financial supports are expected to be announced in the coming days.

Separately, the new Business Continuity Voucher, available through Local Enterprise Offices, and designed for businesses across every sector that employ up to 50 people, is now open for application.

Worth up to €2,500 in third party consultancy costs, the voucher can be used by companies and sole traders to develop short-term and long-term strategies to respond to the Covid-19 pandemic.

The goal is to help companies make informed decisions about what immediate measures and remedial actions should be taken, to protect staff and sales.

If an application is successful, a qualified expert will be selected by the business' Local Enterprise Office to work with them on their business continuity plans.

This scheme is not suitable for clients of Enterprise Ireland, IDA or Údarás  na Gaeltachta.