Applications have opened for a new scheme to help businesses that have been affected by the COVID-19 pandemic, but are not eligible for other targeted supports introduced by the Government.

€60 million is available under the Small Business Assistance Scheme for COVID (SBASC). Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar (pictured) said he expected it to benefit around 7,500 small businesses.

The Tánaiste said more and more businesses were now struggling to keep up with payroll and fixed costs, and the new scheme’s objective was to ensure that as many businesses as possible were able to get through this period and reopen successfully.

Fixed costs

The new payment will help businesses with fixed costs such as rent, insurance, utilities and security.

“Although the grant is modest, it will go a long way for the smallest businesses,” he said.

Eligible businesses will receive a payment of €4,000 for the first three months of 2021. There will be a second payment of €4,000 for businesses continuing to meet the criteria.

The scheme is available to companies, self-employed, sole traders or partnerships with a minimum turnover of €50,000.

Rates

It is open to those who are not eligible for the Revenue scheme CRSS, Fáilte Ireland’s Business Continuity Scheme or the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media’s Live Performance Support.

In order to be eligible, the business must pay rates to a public authority.

The 31 local authorities across the country are now taking applications up to the closing date of 21 April.