COVID 19 Pandemic
COVID-19 Temporary Wage Subsidy Scheme (TWSS) - Operational Scheme
From 4th May employers participating in the Temporary Wage Subsidy Scheme will move into the ‘Operational Phase’.
This means that some changes will take effect in the subsidy rates that you have been applying to employees participating in the scheme and to the refunds you have been receiving from Revenue.
These revisions will improve the subsidy for those employees whose Average Revenue Net Weekly Pay (ARNWP) for January and February 2020 is less than €500 and those whose ARNWP is in excess of €960.
From 4 May 2020 Revenue will inform employers of the maximum personal subsidy amount in respect of each individual employee on its payroll based on the employee’s ARNWP. This data transfer will be through a CSV (Comma Separated Values) file which can be downloaded through ROS.
Revised Rates of subsidy from 4 May 2020
Revised guidance material for this operational phase can be found HERE.
Further guidance on the CSV file details can be found HERE.
Further information on the Subsidy Scheme can be found HERE.
Coronavirus: Financial support and how your business can access it
One to three-year loans from €25,000 to €1.5m at reduced interest rates up to 4% – the first €500,000 of which are unsecured. Term and amount approved are dependent on the purpose of the loan.
Loan amounts are from €100,000 to a maximum of €3m per applicant. Terms are 8 to 10 years; interest rates are from 3.5% to 4.5%. Participating lenders are AIB, Bank of Ireland, Ulster Bank and KBC.
The scheme facilitates loans between €10,000 up to €1m and terms up to seven years.
Loans are from €5,000 to €50,000 – typical terms up to three years with reduced interest rates – 4.5% APR for applications made through your Local Enterprise Office and 5.5% APR for direct applications.
Under the scheme, eligible companies receive repayable advances of up to €800,000.
The grant is worth up to €5,000 to allow eligible companies to hire an approved financial consultant and develop a robust financial plan.
Qualifying companies receive a €2,500 voucher to engage training or advisory services from approved providers related to the continued operation of the business.
Grants ranging from €10,000 to €40,000 will be awarded to eligible companies up to 80% of project costs.
The scheme supports 70% of eligible expenditure on marketing activities including website design, consultancy costs, development of online sales, and participation in trade fairs.
Revenue has suspended interest on late payments for January/February VAT and for employers’ PAYE liabilities in respect of February and March. It has also suspended debt enforcement activities. All businesses will keep their tax clearance status.