European Commission approves €60m scheme for Irish SMEs
The European Commission has approved a €60 million scheme to support small and medium-sized Irish businesses impacted by the Covid-19 pandemic.
The ‘Small Business Assistance Scheme for Covid’, will be open to companies in all sectors, except financial institutions and companies operating in the primary production of agricultural products, fisheries or aquaculture sectors.
In order to be eligible, companies will have to meet certain criteria, including being an SME with a turnover between €50,000 and €25 million and employ 250 people or less.
Companies not be eligible for support under the Government’s ‘Covid Restrictions Support Scheme’, the ‘Fáilte Ireland Business Continuity grant’ or other direct sectoral grant schemes.
Under the scheme, support will take the form of direct grants of up to €4,000 for the period from 1 January to 31 March 2021.
It is expected that a further payment of €4,000 will be made to those companies that will still be eligible for the second quarter of 2021.