- Social Welfare measures for Employees & the Self Employed
- Process for Employers for keeping staff on the Payroll
- The process for Refunds to Employers who engage with the scheme
COVID 19 – Pandemic Unemployment Payment
If you have lost work due to a downturn in economic activity caused by COVID-19 you can apply for the new COVID 19 – Pandemic Unemployment Payment at this link – https://www.gov.ie/en/service/be74d3-covid-19-pandemic-unemployment-payment/
This new payment quickly delivers income support to the unemployed (be they self-employed or employees) for a 6-week period.
It is designed to provide income security for a period during which you can apply for a full Jobseekers payment (and receive any additional entitlements backdated).
You can apply for the Pandemic Unemployment Payment by filling in a one page application at the link above and returning to PO BOX 12896, Dublin 1. by FREEPOST. You do not need to visit an Intreo Centre to apply.
How to Qualify
Both employees and self-employed people can apply for the new COVID-19 Pandemic Unemployment Payment.
You can apply for the payment if you:
- Are aged between 18 and 66 years AND
- You have lost employment due to the COVID-19 (Coronavirus) pandemic
- And it also includes people who have been put on part-time or casual work.
- Students who have lost employment can also apply.
The COVID-19 Pandemic Unemployment Payment is paid at a flat rate of €203 per week for 6 weeks. It is equivalent to the jobseeker payment rate.
If you are getting another social welfare payment and you have lost your employment, it can be paid in addition to this.
Employers – Keeping Staff & Refunds
Revenue has worked closely with Department of Employment Affairs and Social Protection (DEASP) to provide an option for employers to make this payment to their employees through the normal payroll process. The amounts paid to employees under the scheme are not subject to tax, USC or PRSI.
Employers are encouraged to facilitate employees by operating the scheme. The amounts paid to employees and notified to Revenue will then be transferred into the employer’s bank account by Revenue.
This reimbursement will, in general, be made on a ‘next day’ basis. It will ensure a speedy payment process for employees and minimise the hardship for employees who are temporarily laid off. Refunds of income tax or USC that an employee may be entitled to because of being laid off will also be administered by the employer and will be repaid (to the employer) through the scheme.
The scheme can be operated for all employees for whom a payroll submission was made by the employer in the period from 1 February 2020 to 15 March 2020. Where employees have already been laid off and their employer has ceased their employment, they can apply directly to DEASP for the payment.
Who does the scheme apply to?
- Employers who have temporarily laid off staff as a result of the impact on their business of the COVID-19 (Coronavirus) pandemic
- Employers that keep their staff on payroll and have not ceased the employee(s) with Revenue
- Employees for whom a payroll submission was made by the employer in the period from 1 February 2020 to 15 March 2020
- Employers that are unable to make top-up payments over and above the emergency payment of €203 per week.
Making an application for the Refund Scheme
Employers, or their agents, apply to Revenue to operate the scheme by carrying out the following steps:
Log on to ROS myEnquiries and select the category ‘Employer COVID -19 Refund Scheme’.
Read the declaration and press the ‘Submit’ button.
Log on to ROS and in ‘Manage bank accounts’, ‘Manage EFT’, ensure that the bank account details provided are correct.
Key features of the scheme
The employer will make the payroll submission to Revenue on or before each pay date.
Employers should contact their payroll software providers for assistance in respect of payroll to be processed under this scheme.
The employer runs the payroll as normal, entering the following details for each relevant employee:
PRSI Class set to J9
A pay amount of €0.01 (there must be some pay entered for the payroll to run).
A non-taxable amount of €203. No other payment amounts are made by the employer to the employee and all temporarily laid off employees are granted the €203.
The payroll submission must include pay frequency and period number.
No other payments are made by the employer to the employee for the applicable week(s) and all temporarily laid off employees receive the €203 per week.
Income tax, USC and PRSI are not deducted from the €203 payment.
Any Income Tax and USC refunds that arise as a result of the application of tax credits and rate bands can be repaid by the employer and this amount will also be refunded to the employer.
The employee must confirm to the employer that they have not, and will not, claim a payment from DEASP whilst the employer makes this payment through the payroll.
Employers will be asked to advise employees to make a Jobseeker’s Benefit claim via the MyWelfare.ie online portal (so that the employee(s) can access qualified dependant payments if appropriate).
Based on the information provided in payroll submissions, Revenue will credit €203 per employee per week to the employer’s bank account recorded in ROS. The credit will include the reference COVID Employer Refund. (The main identifiers include Employer Number Gross Pay of €0.01, J9 PRSI class, Pay Frequency and Employee PPSN, Employment ID).
Revenue will credit the employer bank account for payroll submissions received before 2:00 PM each day. Depending on the individual bank, the refund should be with the employer on the next banking day.
If the employee(s) resume employment with the employer, or obtains other supports from DEASP, or secures employment elsewhere, the employer will not include the employee(s) concerned in future submissions.
Guidance/Information
For general issues relating to the Scheme, employers should contact Revenue’s National Employer Helpdesk via the myEnquiries system, providing details of the query and a direct dial contact number.
Employers should make sure to select ‘Employer’s PAYE’ and then ‘Employer’s PAYE General Enquiry’ when submitting the query through myEnquiries.
5 Tips for leading your company out of a crisis
/in DCA News & Views /by ecovis_adm1n_17Getting out of a crisis is difficult and requires extraordinary measures and great efforts from a company and its people. Since we’re here to help, we’ve listed 5 tips for leading your company out of a crisis or turnaround situation. Read on and make smart use of these tips.
How do you know that your company is in trouble? Well, depending on the situation, there can be many signs of potential distress – see some listed below. Most of the time, troubled companies are dealing with multiple signs or problems at the same time, caused by internal and external factors (i.e. the current COVID-19 crisis) interacting together. Identifying these signs and solving the underlying problems is one of the things you should do first when you strive to lead a company out of a crisis.
Distress signals
One of the (few) good sides of a crisis is that the opportunity arises to find the next level of talent in an organisation. As a (turnaround) manager, you should look beyond the leadership team for people with institutional knowledge. They know all the ins and outs of the company and are essential to realising the impact of potential changes on the business. Be aware though, in many cases, they are the dissatisfied ones, unhappy with the company’s performance. But because of this, they are willing to point out the painful truths – and that’s just what needs to be done on the road to leading a company out of a crisis.
You should also keep an eye out for people that want to add value and impact. In most cases, you won’t find these people sitting around the table at the beginning, but two or three levels down – waiting for an opportunity to be part of something greater than themselves.
Retaining these people isn’t always about money and bonuses: it’s about figuring out their individual needs and get them involved.
In general, the board and management of most companies focus on complex, long-term metrics like EBIT and turnover. There’s nothing wrong with that, but unpleasant surprises are waiting when no one is concentrating on cash, especially during a crisis. So, the opposite needs to be done to keep a company financially healthy. The best way of doing this is by finding out which investments are making or burning cash, and by subsequently bringing your business back to its fundamental element of success. This makes it easier to see the actions needed to get back on track in terms of cash flow and steer out of the crisis you’re in.
As a company, you need forecasts with a mid- to longterm view to be able to focus on cash and avoid cash flow-related surprises. Focussing on an investment with a five-year return while money goes out the door, isn’t the right way either, so concentrating on cash flow is vital.
Most companies without a crisis mindset, react the same to change: they focus on avoiding risks, and therefore they take small steps instead of leaps to get something done. There’s nothing wrong with this approach in a normal situation, but when in a real crisis, significant action is needed. Companies that treat every turnaround like a crisis and thus have that crisis mindset are willing to try the bold things that could change the trajectory of a company.
The best thing you can do to avoid distress is to periodically review your business plans and see how the company scores on operational and market performance. Find out where you stand as a company using essential financial and cash flow milestones, and do the same concerning your business and competitors. If that shows that you’re not moving with – or outpacing – the rest of the industry, then your business plan may be out-of-date.
Last but not least: don’t forget to look back at your business performance over the past to identify any trends. If you keep missing targets, ask why and most of all: be critical.
A Guide to Working At Home…
/in DCA News & Views /by ecovis_adm1n_17As of this week, we have seen a massive spike in those working remotely due to the Taoiseach’s announcement of the closure of all physical workplaces which are non-essential in the battle against this virus. We know that your inboxes are being constantly bombarded with information about this virus and its effects and we cannot turn on the television or radio without hearing further information. With this in mind, we thought we would offer some tips today on adjusting to this new and challenging working atmosphere at home.
Working from home can often make an employee more productive as it eliminates the double commute which can often add at least an hour either side of your working day. This allows for greater productivity in the working day whilst also reducing the stressor of a commute. Being in your own space causes you to re-evaluate your working habits and work schedule, while also allowing for greater ease of maximising your work to life balance, but it is not without its challenges especially when sharing that space with children, friends or family members. There are a number of steps you can take to maximise the productivity and enjoyment of your work from home day however.
Schedule:
This is the most important tip we can offer for working from home. When working in your own space it can be tempting to adjust your hours, particularly with children in the home. This can be damaging to your productivity and also encroach on your time with family outside of working hours, so it is vital to maintain your regular working hours where possible. Set an alarm for the morning, take your normal tea and lunch breaks and keep that schedule going. Sticking to your routine may be helpful to your mental health during this challenging time.
Social:
This tip is likely very specific to our current situation of social distancing where there is no time in the office or time with loved ones outside of your immediate home. A good tip for maintaining productivity and working relationships during this time is to arrange a regular catch up group video chat with your co-workers to check in in the same way you would in the office.
Set Ground Rules:
Setting ground rules for those in your home will be vital during this time as we do not yet know how long this scenario may last and with everyone in the same boat cabin fever begins to creep in. Ensure those in your home are aware of your working hours and boundaries ahead of time to avoid repeats of that infamous BBC News interview.
Step Away:
When working from home, the time spent away from your desk can often be as vital as the time spent at the desk. Particularly during our current “lockdown” situation, where daily exercise is vital. Stepping away from your desk and taking your full break will help clear your mind and set you up for productivity in the day ahead.
Space:
Setting a designated office space will help continue to separate your business and home life and make it easier to step away from your working persona at the end of the working day. Similarly, having a separate work phone available when possible will be helpful in this endeavour.
Show Up Dress Up:
Video conferencing has become the main method of meetings being held since the Taoiseach’s announcement in early March, and it is important to show up to these meetings and make your voice heard. Getting dressed into working clothes for the day may also assist in separating work and home life, as tempting as the loungewear naturally is.
School is in Session:
Online training may be a method of staying busy if you are finding your working day slow from home, and will add a new arrow to your quiver when working life returns to normal.
Slow Down and Breath:
It is important to ensure that you are working in a well ventilated room, just opening the window and taking a moment to breathe can be a vital part of refreshing your mind for the rest of the working day in the middle of so much chaos.
Social Media:
Social media is a constant for us in this day and age, and particularly during such a bizarre scenario as our current emergency is, it is often infecting every moment of our lives. When working from home it may be tempting to get sucked into the world of social media. Whilst taking breaks for brain space is advised, social media may be a rabbit hole we do not want to fall into.
We hope that this information will be of benefit to you during these difficult times. Whilst the landscape of our working lives may have changed for the time being, we here at Ecovis DCA are a constant and always available for you.A Guide to Working At Home…
Limiting the Impact of Cybercrime
/in DCA News & Views /by ecovis_adm1n_17This new crisis of Covid-19 presents a number of unforeseen challenges to companies, with many needing to create a new standard for working remotely, or where this is not possible the requirement becomes to seek funding, reduce employee numbers/hours or close temporarily.
One of the more unexpected challenges of this time is the resurgence of cybercrime. Cyber criminals tend to utilize major news events as an opportunity to mount a criminal campaign and the Covid-19 crisis is no different. This campaign can take many forms. One of the most common at present being the false emails issued regarding a change of banking details, luring the receiver into issuing payments to the wrong account at what is already a deeply difficult time for companies.
Des Ryan, solutions director for Microsoft Ireland has explained this new resurgence is an attack of opportunity as cyber criminals tend to prey on events which may weaken the defences of a business, in this case the shift to remote working situations.
“Cyber criminals are opportunistic […] we are definitely seeing Covid-19 related attacks as attackers are just using this to find the weak link.”
It is also suggested that cyber criminals are merely adapting their usual tactics to profit from the current crisis. The current breed of cyber criminals is known for sending false emails detailing a change of bank details or requesting a change to Revolut (which would ensure that the funds are transferred with immediate effect). There have also been a number of fake charity accounts set up purporting to benefit the current Covid-19 crisis. These criminals are preying on companies who may not have been prepared to work remotely and have had to set up a temporary system quickly and without training and protection in place and targeting staff members who are now outside of their comfort zone and possibly distracted with their surroundings. Utilising personal laptops and phones etc. may also be a point of weakness as these will not be as secure as those in the workplace.
Many are already feeling the strain of this current atmosphere of anxiety and so it seems We are all protecting our staff health during this time, but how can we protect the digital health of our business at what is already an intense time?
We hope that this information will be of benefit to you and your company and that you and your staff are staying healthy and well in these difficult times. We are as always available should you require any advice or guidance on any business of financial matters.
Involuntary Strike Off
/in DCA News & Views /by ecovis_adm1n_17When setting up your company, it is incredibly easy to dismiss the idea of a negative or unfavourable end to your business life. However, as we have gone over many times in the past, it is essential to have a realistic outlook and to be aware of the consequences of your business actions. Today we will be focusing on Involuntary Strike Off. As we are all aware, there are a certain number of requirements of all companies including the filing of annual returns. Non-compliance in this area can result in the company being struck off the register, an action which can have some far-reaching consequences that many business owners may not be aware of.
Failure to file an annual return is the most common reason for strike off in Ireland. In some cases, not filing a return can be a simple case of missing the date accidentally, but in some cases business owners may view being struck off by the CRO as a cheap and easy way of disposing of a company,
Under what circumstances could a company fact involuntary strike off?
What does the strike off process involve?
Should your company experience involuntary strike off while still trading, some of the negative consequences include:
Should your company be struck off, it is possible to reinstate a company through the CRO within 12 months of the strike off, by filing all outstanding returns, paying all fees. Alternatively, you can voluntarily strike off your company which will have less of the negative consequences.
We hope that this information will be of benefit to you. If you have any queries or concerns on any business or financial matters, please don’t hesitate to contact us here at EcovisDCA.
Alternative Lending
/in DCA News & Views /by ecovis_adm1n_17Flender
Flender Ireland is a Peer to Peer Lender for small and medium sized business. It is authorised by the UK Financial Conduct Authority. Flender offer the following products:
Term Loans
Flender offers businesses access to fast funding up to €300,000. Get a credit decision within 6 hours and receive funds within 24 hours. Terms range from 6 to 36 months, with rates starting as low as 6.45%.
In order to apply for a term loan companies / sole traders need:
Applications are made on line at : https://www.flender.ie/users/registration/borrower
Merchant Cash Advance
Online merchants and other businesses that conduct a majority of their sales online are prime candidates for our MCA product. Since businesses of this nature receive payment primarily via credit card purchases, the monthly payment amount is less when a business is making less revenue and increases when the business makes more revenue. If you earn revenue via check or cash, an MCA probably isn’t right for you.
For further information please contact:
Ecovis DCA
Stephen Connolly – Stephen.connolly@ecovis.ie
Dennis Duffy – dennis.duffy@ecovis.ie
Flender
Colin Canny – colin.canny@flender.ie
Linked Finance
Covid 19 Emergency Loan Product
Linked Finance has launched a Deferred Start Loan for businesses affected by the Covid-19 pandemic. It means businesses can get access to working capital now, with the reassurance of no repayments for the first 3 months.
After the first 3 months payment-free, the loan is then repaid over a 12 month period.
Loans are available up to €100,000 to businesses that are trading for at least 2 years and have a (pre-crisis) annual turnover in excess of €100,000. As with their standard loans, the application process is very simple, just three standard documents, no projections and a credit decision will be given in 24 hours
Any established and creditworthy business, whether it is a limited company, sole trader or business partnership, can apply for a loan on Linked Finance.
In order to apply for this facility companies / sole traders will need:
Some conditions apply. These include:
For further information please contact
Ecovis DCA
Stephen Connolly – Stephen.connolly@ecovis.ie
Dennis Duffy – dennis.duffy@ecovis.ie
Linked Finance
Mark Lindsey – mark@linkedfinance.com
Covid 19 – Update on Social Welfare supports for Employees and Employers
/in DCA News & Views /by ecovis_adm1n_17COVID 19 – Pandemic Unemployment Payment
If you have lost work due to a downturn in economic activity caused by COVID-19 you can apply for the new COVID 19 – Pandemic Unemployment Payment at this link – https://www.gov.ie/en/service/be74d3-covid-19-pandemic-unemployment-payment/
This new payment quickly delivers income support to the unemployed (be they self-employed or employees) for a 6-week period.
It is designed to provide income security for a period during which you can apply for a full Jobseekers payment (and receive any additional entitlements backdated).
You can apply for the Pandemic Unemployment Payment by filling in a one page application at the link above and returning to PO BOX 12896, Dublin 1. by FREEPOST. You do not need to visit an Intreo Centre to apply.
How to Qualify
Both employees and self-employed people can apply for the new COVID-19 Pandemic Unemployment Payment.
You can apply for the payment if you:
The COVID-19 Pandemic Unemployment Payment is paid at a flat rate of €203 per week for 6 weeks. It is equivalent to the jobseeker payment rate.
If you are getting another social welfare payment and you have lost your employment, it can be paid in addition to this.
Employers – Keeping Staff & Refunds
Revenue has worked closely with Department of Employment Affairs and Social Protection (DEASP) to provide an option for employers to make this payment to their employees through the normal payroll process. The amounts paid to employees under the scheme are not subject to tax, USC or PRSI.
Employers are encouraged to facilitate employees by operating the scheme. The amounts paid to employees and notified to Revenue will then be transferred into the employer’s bank account by Revenue.
This reimbursement will, in general, be made on a ‘next day’ basis. It will ensure a speedy payment process for employees and minimise the hardship for employees who are temporarily laid off. Refunds of income tax or USC that an employee may be entitled to because of being laid off will also be administered by the employer and will be repaid (to the employer) through the scheme.
The scheme can be operated for all employees for whom a payroll submission was made by the employer in the period from 1 February 2020 to 15 March 2020. Where employees have already been laid off and their employer has ceased their employment, they can apply directly to DEASP for the payment.
Who does the scheme apply to?
Making an application for the Refund Scheme
Employers, or their agents, apply to Revenue to operate the scheme by carrying out the following steps:
Log on to ROS myEnquiries and select the category ‘Employer COVID -19 Refund Scheme’.
Read the declaration and press the ‘Submit’ button.
Log on to ROS and in ‘Manage bank accounts’, ‘Manage EFT’, ensure that the bank account details provided are correct.
Key features of the scheme
The employer will make the payroll submission to Revenue on or before each pay date.
Employers should contact their payroll software providers for assistance in respect of payroll to be processed under this scheme.
The employer runs the payroll as normal, entering the following details for each relevant employee:
PRSI Class set to J9
A pay amount of €0.01 (there must be some pay entered for the payroll to run).
A non-taxable amount of €203. No other payment amounts are made by the employer to the employee and all temporarily laid off employees are granted the €203.
The payroll submission must include pay frequency and period number.
No other payments are made by the employer to the employee for the applicable week(s) and all temporarily laid off employees receive the €203 per week.
Income tax, USC and PRSI are not deducted from the €203 payment.
Any Income Tax and USC refunds that arise as a result of the application of tax credits and rate bands can be repaid by the employer and this amount will also be refunded to the employer.
The employee must confirm to the employer that they have not, and will not, claim a payment from DEASP whilst the employer makes this payment through the payroll.
Employers will be asked to advise employees to make a Jobseeker’s Benefit claim via the MyWelfare.ie online portal (so that the employee(s) can access qualified dependant payments if appropriate).
Based on the information provided in payroll submissions, Revenue will credit €203 per employee per week to the employer’s bank account recorded in ROS. The credit will include the reference COVID Employer Refund. (The main identifiers include Employer Number Gross Pay of €0.01, J9 PRSI class, Pay Frequency and Employee PPSN, Employment ID).
Revenue will credit the employer bank account for payroll submissions received before 2:00 PM each day. Depending on the individual bank, the refund should be with the employer on the next banking day.
If the employee(s) resume employment with the employer, or obtains other supports from DEASP, or secures employment elsewhere, the employer will not include the employee(s) concerned in future submissions.
Guidance/Information
For general issues relating to the Scheme, employers should contact Revenue’s National Employer Helpdesk via the myEnquiries system, providing details of the query and a direct dial contact number.
Employers should make sure to select ‘Employer’s PAYE’ and then ‘Employer’s PAYE General Enquiry’ when submitting the query through myEnquiries.
Lay off procedures
/in DCA News & Views /by ecovis_adm1n_17Do I need to pay employees sick pay?
If an employee presents a medical certificate for any reason, including contraction of the virus or self-isolation, you should follow your sick pay policy as normal.
If an employee contracts Coronavirus (COVD-19) or is medically instructed to self-isolate, they will be entitled to received €305 per week from the Department of Social Protection. This payment is up to 2 weeks for self-isolation and for the duration of the illness if contracted.
Can I place employees on a period of lay-off?
A ‘lay-off’ situation can occur when there is an unexpected downturn in the business that is out of the Company’s control. If you have no work for the employee, and/or the Business is under extreme financial pressure, you can place an employee on lay-off.
Lay-off is viewed as being a temporary situation, so employers should be aware that if lay-off lasts for a certain length of time, the employee may be entitled to seek a redundancy payment.
If you are considering placing an employee on lay-off, you need to ensure you have a business justification for doing so. If your decision was ever challenged in the WRC, you will need to show your reasoning.
Can I put some staff on lay off while others work?
In relation to choosing employees for the reduction/short time, the criteria should be reasonable and applied in a fair manner. The last in, first out is deemed as appropriate, or by department based on the tasks that they are completing.
What is the process for placing employees on lay-off?
You must have a lay off clause in the employees’ contract of employment.
Lay Off
You as the employer would need to inform your employees that you are placing them on lay off and issue them with the relevant notification (Form RP9) confirming this.
Employees are not paid during a period of lay off, they can claim Social Welfare during this period. If an employee is on lay off from a business for a period of four weeks, they can request to be made redundant, if they have in excess of 2 years’ service. If this happens, there will be a cost involved for the company.
Short Time
When employees are placed on short time this requires that they be reduced to 50% or less of their normal working hours. When on short time employees may apply for Social Welfare to make up the rest of the week. It is important that the hours do not go above 50% while the period of short time continues.
With regards to redundancy claims under both of these systems;
Lay-off and short-time are viewed as being temporary situations, so you as the employer should be aware that if either the lay-off or short-time working lasts for a certain length of time, the employee may be entitled to seek a redundancy payment.
This occurs when the employee has been laid off or kept on short-time (or a combination of both) for either
Within 4 weeks of either of the above situations ceasing, the employee can decide to claim redundancy. The claim must be made on the form RP9. Once the employer receives this form s/he has two options:
Counter Notice
By issuing a counter notice the employer promises that within four weeks the employee will be employed for a period of 13 consecutive weeks.
If this does not happen, the counter notice is invalid and the employee is entitled to a redundancy payment. The employee is entitled to statutory redundancy only. S/he is not entitled to a notice payment, as s/he is the party terminating the employment.
Form RP9 – Lay-off and short time procedures
Banking supports
/in DCA News & Views /by ecovis_adm1n_17Micro Finance Ireland
If your business is impacted or may be impacted by COVID-19 resulting in a reduction of 15% or more in actual or projected turnover or profit, AND you are having difficulty in accessing finance from commercial lending providers, the MFI COVID-19 Business Loan may be able to help your business.
In addition, Local Enterprise Offices in every county provide a range of business supports for micro- enterprises including business continuity and preparedness advisory supports connected to the COVID-19 outbreak. Contact your Local Enterprise Office for more information.
Eligibility
Product Features
Application process
Application documentation can be found at this web address – https://microfinanceireland.ie/loan-packages/covid19/
Strategic Banking Corporation of Ireland
The Department of Business, Enterprise and Innovation announced a number of supports for businesses facing challenges being presented by the current Covid-19 situation. The Credit Guarantee Scheme is in place and available now to SMEs subject to the relevant terms and conditions. Separately the SBCI is currently working to finalise the terms and conditions of the SBCI COVID19 Working Capital Scheme and the eligibility application process for this. The SBCI website will be updated as soon as these are finalised. In the interim if you wish to be kept informed on developments please email the SBCI at info@sbci.gov.ie
SME Credit Guarantee Scheme (CGS)
The Scheme aims to assist viable SMEs, which under normal lending criteria are unable to borrow from their bank, in accessing credit. The scheme operates by providing an 80% guarantee to participating finance providers (currently AIB, Bank of Ireland and Ulster Bank) on qualifying loans to SMEs.
The Scheme is operated on behalf of the Department of Business, Enterprise and Innovation (D/BEI) by the Strategic Banking Corporation of Ireland (SBCI) and is available from the participating banks (AIB, Bank of Ireland and Ulster Bank). If you are an SME, you can approach any one of the participating banks and apply for a loan facility under CGS.
Key Features of the Scheme:
Who is eligible for the Scheme?
SMEs may be eligible if they:
How to apply do for the scheme
The scheme is available through participating lenders AIB, Bank of Ireland and Ulster Bank at the web addresses below:
AIB : https://business.aib.ie/products/finance-and-loans/credit-guarantee-scheme
BOI : https://businessbanking.bankofireland.com/credit/credit-guarantee-scheme/
Ulster Bank : https://digital.ulsterbank.ie/business/loans-and-finance/alternative-financing.html
Allied Irish Bank (AIB)
AIB’s Covid 19 supports are available at this web address – https://aib.ie/covid19
The financial supports include the following
Cashflow products available to customers and web address for applications
Business Credit Line – https://business.aib.ie/products/finance-and-loans/business-credit-line?_ga=2.155766331.160936585.1584353997-1581556376.1584353997
Farmer Credit Line – https://business.aib.ie/products/finance-and-loans/business-credit-line?_ga=2.155766331.160936585.1584353997-1581556376.1584353997
Promptpay – https://business.aib.ie/products/finance-and-loans/promptpay-and-insurance-premium-finance?_ga=2.146517556.160936585.1584353997-1581556376.1584353997
Business loans of between €2,000 and €60,000 can be applied for on line at this web address : https://business.aib.ie/products/finance-and-loans/business-loans?_ga=2.185208617.160936585.1584353997-1581556376.1584353997
Customer in Difficulty (Forbearance Requests)
AIB have a number of possible solutions available depending on your circumstances
AIB Advisors are available in branch or on the phone 1890 478 833
Bank of Ireland
The supports offered by Bank of Ireland are as follows:
A full listing of supports from BOI are at this web address: https://businessbanking.bankofireland.com/covid-19/supports-for-businesses/
Ulster Bank
Ulster Bank have introduced a financial assessment that is designed to evaluate your financial situation and to offer support where you need it most.
Specially trained staff will carry out a financial review. They will review your current financial situation and take you through the repayment options available. These options include:
A full listing of supports from Ulster Bank are at this web address: https://digital.ulsterbank.ie/personal/help-and-support/struggling-financially.html
Revenue Announce Measures during Covid 19 Outbreak
/in DCA News & Views /by ecovis_adm1n_17In recent days, the news around the spread of Covid-19 has become inescapable and naturally worrying for individuals, families and business owners. Here at EcovisDCA we have and will always be committed to providing SME and larger business owners with practical and useful advice to help their businesses survive and thrive, and we intend to continue that trend during this period of adversity and whatever aftermath lies ahead.
In the brief few minutes of the recent announcement by Taoiseach Leo Varadkar regarding the Covid 19 pandemic, it seems that Irish life and business life would be instantly changed. As all schools, childcare facilities and tourism sites would be closed for a period of at least 2 weeks, workers worried about their capacity to continue working. Following on from that, new social distancing recommendations suggesting that workers should work from home where possible and limit direct social contact in the form of group lunches and face-to-face meetings instantly changed how businesses would function in Ireland. Obviously, this is uncharted territory and something that wasn’t planned for in anyone’s business plan for 2020 so it is natural that the business landscape and our economy will suffer to some extent as a result. We here at EcovisDCA will be updating on any and all information pertaining to business life and any news that may light up the uncertain darkness we find ourselves in.
Meanwhile, Bank of Ireland and Ulster Bank have also become the first banks to assure their customers that practices like deferrals will be put in place for mortgage holders who may find themselves unable to keep on top of their payments during this time.
For social welfare support for self-employed please click on the links to get the latest information from Revenue:
https://www.revenue.ie/en/corp
https://www.revenue.ie/en/corp
Should you find that your business is beginning to struggle during this time, it is advisable that you contact Revenue directly to discuss your own specific case.
Covid-19
/in DCA News & Views /by ecovis_adm1n_17It is currently impossible to avoid the news of the Covid-19 epidemic at the moment as the situation unfolds rapidly and becomes an increased risk of becoming a global pandemic. A pandemic is an issue that we in this country would be unlikely to have prepared for in a business sense and as a result we may see this virus affect our business landscapes in ways we may not have expected. As cases begin to grow in number and community transmission begins to become more apparent, it is important for businesses to have a plan in place for keeping their employees safe.
The Government have recently published an income support and economic stimulus package which outlines the following main points for companies who may find themselves on lock down or needing to self-isolate their staff or work from home or to reduce economic impact:
On a more global scale, it has been reported that businesses worldwide are changing and adapting practises to better cope with Covid-19. Many companies in Ireland, the United Kingdom and the United States have immediately implemented travel restrictions or a work from home policy for the foreseeable future in order to avoid community transmission within the office space. Unfortunately, these issues will naturally cause service issues for some.
From looking at the China model which involves the businesses who were first hit and continue to deal with the fallout of the virus, a few key pointers for other businesses worldwide have been outlined:
This will undoubtedly be a period of unease and difficulty for many on both a business and personal level, but through following the appropriate guidelines we can endeavour to keep all feeling safe.