Fianna Fáil Senator and Seanad Spokesperson on Enterprise, Trade, and Employment Ollie Crowe has welcomed the COVID Restrictions Support Scheme, a new scheme which will help businesses whose incomes have been curtailed due to COVID-19.
He commented, “The provision of a COVID Restrictions Support Scheme for sectors of the economy that have been especially hit by public health measures is very welcome.
“The new scheme will help those businesses whose trade has been substantially curtailed or temporarily closed as a result of the limits as set out in the Government’s ‘Living with Covid-19’ Plan. The scheme will take effect when Level 3 restrictions are in place.
“The sectors being targeted are hospitality, the arts, recreation and entertainment. For businesses such as these, the Government will make a payment, based on their 2019 average weekly turnover, to provide support at a difficult time.
“Qualifying businesses can apply to the Revenue Commissioners for a cash payment in respect of an advance credit for trading expenses for the period of the restrictions. The scheme will run from today until the end of March, with the first payments being made by mid-November.
“Payments will be calculated on the basis of 10 per cent of the first €1 million in turnover and 5 per cent thereafter, based on average VAT exclusive turnover for 2019. There will be a maximum weekly payment of €5,000.
“This is a very welcome scheme which will hopefully provide some respite for the many businesses and sectors currently bearing the brunt of COVID restrictions,” concluded Senator Crowe.