New COVID Grant Scheme – SBASC – Small Business Assistance Scheme for COVID

New COVID Grant Scheme – SBASC – Small Business Assistance Scheme for COVID

March 15, 2021

Young woman owner of a cafe stand in front of coffee counter, young entrepreneur conceptual, dimension image for banner

Applications opened on March 11th for the SBASC aimed at businesses ineligible for CRSS and other sector specific grants.

Businesses down 75% or more in turnover are among those expected to benefit.

The Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD opened applications for the €60m Small Business Assistance Scheme for Covid (SBASC). Eligible businesses will receive a payment of €4,000 for Quarter 1 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 which employ fewer than 250 people and have a minimum turnover of €50,000 and maximum turnover of €25m.

The turnover of the business over the claim period is estimated to be no more than 25% of the average weekly turnover of the business in 2019; or the projected average weekly turnover of the business for 1 January to 31 March 2021, and 30 June 2021 where applicable, for businesses that commenced after 1 November 2019.

This scheme is in addition to other packages the government has put in place such as the Employment Wage Subsidy Scheme (EWSS), the Pandemic Unemployment Payment (PUP), the Covid Restrictions Support Scheme (CRSS), low-cost loans, the deferral and warehousing of tax liabilities and the waiver of commercial rates.

The Tánaiste Leo Varadkar TD said: “As the pandemic goes on, more and more businesses are struggling to keep up with payroll and fixed costs.  My objective is to ensure that as many businesses as possible get through this period and are able to re-open successfully.”

The Small Business Assistance Scheme for COVID (SBASC) was previously announced as COVID-19 Business Aid Scheme (CBAS).

Applications should be made to your Local Authority for the scheme and the closing date is the 21st of April.

To be eligible your business must meet a number of requirements. Contact our Care Team today to arrange a call with our Business Advisory team to discuss your options.

To find more abut this scheme and the requirements click here.