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July Stimulus

The Restart Grant helps businesses make the changes they need to operate in a new socially distant environment.

The minimum grant has been doubled from €2,000 to €4,000.

The maximum grant has been more than doubled from €10,000 to €25,000

If you have already received the minimum grant of €2,000 apply again to receive at least another €2,000.

You can also apply to top up grants of higher amounts.

In order to qualify, you must have

  • 250 employees or less;

  • Turnover of less than €100,000 per employee

  • Reduced turnover by 25% as a result of COVID-19

Non-rated B&Bs and rateable sports businesses will now be eligible for a grant payment of €4,000.

You can apply through South Dublin County Council. B&Bs can apply through Failte Ireland.

Businesses will be granted a waiver of commercial rates for the six months to end-September 2020.

The €2 Billion Covid-19 Credit Guarantee Scheme, will see Government provide an 80% Guarantee for a wide range of credit products from €10,000 to €1 million up to a maximum

term of 6 years.

A package of liquidity and enterprise investment measures worth €55 million will be put in place to support small and micro companies through additional resources for MicroFinance Ireland and the Local Enterprise Offices. This will include measures to reduce interest rates on lending for micro and small businesses, including grants equivalent to 0% interest on the first year of SBCI and MFI loans.

The Future Growth Loan Scheme is being expanded from €200 million to €500 million so businesses with up to 499 employees can invest for the longer-term at competitive rates.

A new Employment Wage Support Scheme will succeed the Temporary Wage Subsidy Scheme, and run until April 2021. Employers, whose turnover has fallen 30%, will receive a

flat-rate subsidy of up to €203 per employee, including for seasonal staff and new employees employees. New firms operating in impacted sectors will also be eligible. The Scheme is

expected to support around 350,000 jobs into the beginning of 2021.

Stay and Spend Incentive will see any taxpayer spending over €625, on accommodation, food and non-alcoholic drinks, between October 2020 and April 2021, able to claim back up to €125 through a tax credit.

A €10 million Restart Fund for the Tourism sector is also being introduced. Along with a €10 million pilot Performance Support Scheme for the culture sector to assist planning for events

in the context of Covid-19.

To provide immediate cash-flow support to previously profitable companies, the early carryback of trading losses will be allowed, leading to an immediate refund of some or all of corporation tax paid.

There will be a new income tax relief for self-employed individuals who were profitable in 2019 but, as a result of the Covid-19 pandemic, incur losses in 2020.

There will be a 6-month reduction in the standard rate of VAT from 23% to 21%, effective from the beginning of September.

The Government will also pass legislation to confirm the previously announced warehousing of tax liabilities. This will allow for businesses affected by Covid-19 to delay payment of

their PAYE and VAT debts in part of in full for a set period with no interest or penalties.

In order to provide support to taxpayers experiencing difficulty with tax liabilities, the interest rate applying to agreed repayments of all tax debt will be reduced to 3% (where agreement has been reached prior to 30 September 2020).

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