This guide provides information on how the government in Ireland is offering support to businesses affected by the COVID-19 pandemic, and how you can access that aid.
Businesses all across Ireland are grappling with the challenges posed by COVID-19. In response to these turbulent times, the government has developed a package of programs to support Irish businesses as well as to stimulate the Irish economy.
These programs consist of a variety of initiatives designed to support a range of business needs, such as fostering investment, boosting business growth, and eliminating the need for layoffs.
Programs at a glance
Loans: Working capital for businesses, secure credit for SMEs, employee wage subsidy, advances for manufacturing and international services, working capital for microbusinesses, growth loans for SMEs and mid-caps
Grants: Growth for small businesses, online growth for retailers
Other programs: Financial planning support, training and advisory assistance, tax relief
Please note, the following information is meant to serve as a guide. Please check with official government sources (listed below) to obtain the most up-to-date and accurate information on Irish government support programs.
What: A business loan ranging from €25,000 to €1.5 million for one to three years, to support eligible micro, small, and medium-sized businesses and small mid-cap enterprises who are looking to access working capital, or to fund innovation or change as a result of the pandemic.
How: Those interested in applying must complete the Eligibility Application Form to determine if they qualify.
When: Apply now. This scheme is open until March 2021 or until it’s maxed out.
The SBCI COVID-19 Working Capital Loan can help businesses avoid layoffs and offset other costs that keep business afloat. This loan can be used for future working capital or to support necessary business changes as a result of COVID-19.
Eligibility
Your business must:
Have experienced a 15% or more fall in revenue or profitability due to COVID-19
Meet one of 11 “innovation” criteria as set out by the SBCI
Have fewer than 250 employees
Have a turnover of €50 million or less (or a balance sheet of €43 million)
Be independent of other enterprises
Be less than 25% owned by public bodies
Be established and operating in the Republic of Ireland
How to apply
Complete the Eligibility Application Form to determine if you are eligible.
If you’re eligible, you’ll receive a letter of confirmation from the SBCI. You’ll need to present this letter to the bank you request a loan from when you apply.
You can apply for a loan through AIB, Bank of Ireland, and Ulster Bank.
What: Loans between €10,000 and €1,000,000, with terms up to seven years, provided by commercial banks in order to boost lending to SMEs through a partial government guarantee (currently at 80%) against losses on eligible loans to the SMEs who qualify.
Who: Viable micro, small, and medium-sized enterprises.
How: Those interested can contact a participating lender to apply.
When: Apply now. No deadline has been set.
In these difficult times, securing funding as an SME can mean the difference between survival and having to close the doors. With the SME Credit Guarantee Scheme, SMEs won’t be required to provide collateral or risk mitigating their credit when attempting to receive support.
This scheme is for companies who are facing difficulties obtaining credit due to three factors:
Have inadequate collateral
Are involved in a new business market, sector, or technology that is deemed a high risk
Need to refinance due to the exit of their lender from the Irish market
This particular scheme offers a variety of solutions for SMEs, so make sure you ask your participating lender to explain the options.
Eligibility
Qualified SMEs that are interested in applying for this scheme can do so through a participating lender. Lenders will have the final say in the loan amount as well as any other decisions around lending.
How to apply
Contact one of the participating lenders: Ulster Bank, Bank of Ireland, and AIB
What: To help employers, who can verify that they’ve lost a portion of their trade due to COVID-19, pay employees during the pandemic.
How: Businesses can apply through the Revenue site.
When: Apply now. This scheme opened on 26 March and will run for 12 weeks.
Below is the breakdown of subsidies based on average net pay per week:
| Net Pay Per Week (on average) |
Subsidy Percentage | Subsidy Maximum |
| Less than €412/week | 85% of previous weekly net income | €350/week |
| Between €500 and €586/week | 70% of previous weekly net income | €410/week |
| Excess of €586/week (tiered system) |
Up to 60% of previous average net weekly income Between 60% and 80% of employee’s previous average net weekly income More than 80% of employee’s average net weekly pay |
Up to €350/week Up to €205/week No subsidy payable |
For more information about the Temporary Wage Subsidy Scheme, visit the Ireland government website.
Eligibility
Employers who can verify a loss of at least 25% of their trade are eligible for this loan.
If you’re a self-employed person and pay yourself as a PAYE worker through your payroll, you can apply for this scheme. However, if you don’t pay yourself as a PAYE worker, consider applying for the COVID-19 Pandemic Unemployment Payment.
How to apply
For additional information on this scheme or to submit your application, visit the Ireland government website.
What: To supply a repayable advance of up to €800,000 in enterprise funding for companies in the manufacturing and international services industries who have experienced a 15% or more reduction in actual or projected turnover profit and/or have a considerable increase in costs due to COVID-19.
Why: To ensure companies have access to funding when they need it so they can sustain business growth and contribute to recovering the Irish economy.
How: Those who qualify may contact their Enterprise Ireland Development Advisor or the COVID-19 Business Response Unit to submit their application.
When: Apply now. No deadline has been set for applications.
How to apply
To apply for the Sustaining Enterprise Fund loan, companies will need to provide the following:
A Business Sustainment Plan that includes detailed information regarding how the business will use the funding to become financially viable
Evidence of application for funding through the SBCI or another financial institution
Proof of the need for COVID-19 assistance funding
The sources for additional funding required to fully execute the Business Sustainment Plan
Verification of a drop of 15% or more (or projected) in income due to the pandemic
If your company meets the above requirements, contact your Enterprise Ireland Development Advisor to start your application.
For more information on this scheme, visit the Enterprise Ireland website.
What: Support for Irish microenterprises sole trader, partnership, or limited company with fewer than ten full-time employees and an annual turnover no more than €2 million, that have been impacted by COVID-19.
How: This loan is supported by Microfinance Ireland.
When: Apply now. No deadline for applications has been set.
The Microfinance Ireland Loan is for businesses that estimate a reduction of 15% or more in annual or projected turnover or profit and are having a challenging time securing financial assistance from commercial lending institutions.
This loan offers financial assistance in various amounts from €5,000 to €50,000, which can be used for working capital and other essential business shifts as a result of the pandemic.
How to apply
Set up an appointment with your local enterprise office or register on the Microfinance Ireland website.
When applying, be sure to have the following information ready:
Your COVID-19 application form, which you can access here
Your COVID-19 Business Plan, which you can access here
Your cash flow forecast
Bank statements dating back to six months
Your Central Credit Register Report (CCR)
If you need help with your application, there are 31 LEOs available to assist. To find the location closest to you, visit their website.
What: Loans for eligible SME and small mid-cap businesses, as well as the primary agriculture (farmers) and seafood sectors in Ireland who are research- and development-driven, to purchase machinery or equipment, invest in research and development, and more.
How: Eligible businesses can apply through the SBCI website, who will assess the applications. Those who qualify will be given an eligibility reference number and can apply for the loan through a participating financial institution.
When: Apply now. No deadline has been set for applications.
The Future Growth Loan Scheme through the Government of Ireland and supported by the EIB Group, will provide up to €300 million of loans with a term of 8-10 years. The loans range from €100,000 (€50,000 for farmers) to a maximum of €3 million, with unsecured loans up to €500,000 per applicant.
How to apply
Apply for eligibility through the SBCI website. If you’re deemed eligible, you’ll be issued an eligibility reference number.
Apply for a loan with a participating financial provider using your eligibility reference number.
For those interested in applying for a loan that exceeds €250,000, you’re required to provide a Business Plan with your application.
What: Sole traders and businesses in every sector that employ a maximum of 50 people can leverage this voucher to create both long and short term strategies in the wake of COVID-19.
Why: The goal is to assist business owners in making smart choices about what steps they need to take to preserve their business, protect employees, and stimulate growth.
How: These vouchers are available through your LEO.
When: Apply now. This voucher is currently open for applications.
How to apply
Download the application form through the Local Enterprise Office website.
Complete and email your application directly to your LEO as an attachment. To find your LEO’s email address, visit the LEO location finder website.
Your LEO will confirm receipt of your application. Once they’ve assessed it, they will notify you if you’ve been approved for the voucher.
If you need assistance with the €2,500 Business Continuity Voucher application or if you have questions, contact your local LEO.
What: A grant for Irish-owned retail companies with ten or more employees (on or before 29 February 2020) to boost their online presence, which will help build their customer base, improve sales, and more.
How: Qualified businesses can apply for this scheme through the Enterprise Ireland Online Application System. The scheme is made possible via the Competitive Fund, which is administered by Enterprise Ireland on behalf of DBEI.
When: To be confirmed.
Eligibility
Those who qualify may use the COVID-19 Online Retail Scheme to create a compelling online offer to support their business. These funds could cover services such as research and development, consultancy costs, implementation, training, and more.
In addition to the requirements listed above, eligible businesses must also:
Have an existing online presence, like a website or social media channels
Have a retail outlet that is responsible for generating most of the company’s revenue
Employ ten or more employees in the Republic of Ireland (on a full-time equivalent basis on or before 29 February 2020)
For more eligibility details, visit the Enterprise Ireland website.
How to apply
All applications must be submitted through the Enterprise Ireland Online Application System during the call open dates, which are to be confirmed.
For the latest information on application scoring, visit the Enterprise Ireland website.
The COVID-19 Financial Planning Grant is designed to help businesses create a strategic financial plan in response to COVID-19. This includes preparing the documents required to apply for external financial assistance from banks or other providers, including Enterprise Ireland.
For more information, visit the Enterprise Ireland website.
To apply, contact your Enterprise Ireland Development Advisor or the COVID-19 Business Response Unit by emailing businessresponse@enterprise-ireland.com.
The Lean Business Continuity Voucher provides assistance to businesses in the form of up to €2,500 worth of training or advisory services. These services help businesses stay operational during the pandemic.
For a full breakdown of eligible programs this voucher covers—and to apply—visit the Enterprise Ireland website.
The Strategic Consultancy Grant is meant to help offset the expense of hiring strategic business consultants who help SMEs sustain business growth. This grant will cover up to 50% of the costs associated with hiring a consultant to a maximum grant amount of €35,000.
What’s unique about this grant is that businesses may not use it towards normal operating costs—such as PR, marketing, legal, or other financial expenses. This grant may only be used for strategic support.
For more information about this grant, as well as how to apply, visit the Enterprise Ireland website.
Interest on late payments suspended for January and February VAT and both February and March PAYE (Employers) liabilities
Debt enforcement activity is suspended
The current tax clearance status will remain in place for all businesses