CBAS provides welcome boost for struggling businesses
Wholesalers, suppliers, caterers and events companies down 75% or more in turnover – and which have a rateable premises – will benefit from the scheme.
A new nationwide €60 million COVID Business Aid Scheme (CBAS) its claimed will provide a welcome boost for struggling businesses in County Cavan.
Minister Heather Humphreys said the funding for the COVID Business Aid Scheme (CBAS) was secured by the Tánaiste at cabinet this week, and Cavan County Council will be responsible for administering the scheme.
“The scheme will support rateable businesses that were not eligible for the Covid Restrictions Support Scheme (CRSS) payment nor the recently announced Fáilte Ireland scheme, ‘Survive to Thrive’.
“It will be a €60m fund offering a payment of €8,000 for eligible businesses, in two instalments of €4,000 for January-March and April-June.”
Wholesalers, suppliers, caterers and events companies down 75% or more in turnover – and which have a rateable premises – will benefit from the scheme. Mobile premises, or premises which are not permanently fixed in place, do not meet the definition.
The Covid-19 Business Aid Scheme is intended to target those business that do not qualify for CRSS. The main difference will be the requirement for the public to have access to a business premises. The Scheme also needs to align with the new Fáilte Ireland Business Continuity grant assistance.
This new scheme is in addition to the wide range of existing Government schemes such as wage subsidies, the PUP, the CRSS and commercial rates waivers.
Not everyone will be eligible, but its expected the new scheme will provide a boost to 7,500 small and medium sized businesses.
“Business should be able to apply by the end of February through Cavan County Council. The Scheme will be back-dated to the start of this year, to ensure businesses are able to get help in covering the fixed costs they have incurred since then,” added Minister Humphreys.
Senator Joe O'Reilly also welcomed the addition of the new scheme.
To be eligible, companies, self-employed, sole traders or partnerships must have a minimum turnover of €50,000.
Eligible businesses must also have a current eTax Clearance Certificate from the Revenue Commissioners and must intend on resuming trading in full once Government restrictions are eased.
“We hoped that businesses would no longer need such levels of support well into 2021. Unfortunately, the pandemic continues to have devastating consequences and the Government remains committed to helping businesses for as long as they need it,” said Sen O'Reilly.