Following from our email last week, see below details of further supports available for micro-enterprises in this time of uncertainty.
Please be aware that the team and I here at Local Enterprise Office Wicklow are ready to assist businesses to address the critical challenges presented by the COVID-19 virus pandemic.
Please note that while our public desk remains open, we request members of the public to practise social distancing.
We are operating business advice clinics and mentoring services online/ by phone wherever possible.
In order to ensure the continuity of your business, here are some practical steps you can take: Talk to your bank. All the banks have announced that they will offer flexibility to their customers, and they may be able to provide payment holidays or emergency working capital facilities.
Take immediate steps to manage your cashflows. Look for scope to:
Lower variable costs
Delay discretionary spend
Extend your payables
Expedite your receivables
Explore supply chain financing options
Use available government supports for working capital.
The Credit Guarantee Scheme supports loans up to €1 million for periods of up to 7 years. Applications can be made to AIB, Bank of Ireland and Ulster Bank. Eligibility criteria apply.
Microenterprises, can access COVID-19 loans of up to €50,000 from MicroFinance Ireland. Loans are available at an interest rate of between 6.8% and 7.8%. Businesses can apply through their Local Enterprise Office or directly at microfinanceireland.ie. Eligibility criteria apply.
The €200m SBCI COVID-19 Working Capital Scheme for eligible businesses will be available within the next week. Maximum loan size will be €1.5 million (first €500,000 unsecured) and the maximum interest rate will be 4%. Applications can be made through the SBCI website at sbci.gov.ie . Eligibility criteria apply.
A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme is available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business.
Check if your insurance policy covers you for an interruption in your business, or a temporary business closure, caused by COVID-19
Get advice from your accountant or use the advisory support available from your local LEO.
COVID-19 Business Continuity Voucher:
This voucher was announced last week and is being developed presently. It is expected to be up to €2,500, with no charge to you, for the services to specialists in areas such as Finance, HR, business strategy etc will be available to LEO clients. Further information will be circulated as soon as we receive the details.
Trading Online Vouchers Scheme (TOVS):
Moving your business online and making sure you can take online payments will be vital to your business continuity. There is still a requirement for an applicant to attend an information/mentoring session to qualify for consideration of a TOVS and we are currently looking at alternative arrangements to facilitate information sessions electronically. The next deadline for a Trading Online Voucher application is Thursday 2nd April, see: https://www.localenterprise.ie/Wicklow/Financial-Supports/Trading-Online-Vouchers/ Information for employers and the self employed
The Department of Employment Affairs and Social Protection have introduced measures to provide income support to people affected by COVID-19.
Learn the protocol for managing employees diagnosed with COVID 19 and discover strategies of how to pay employees who cannot attend work due to COVID 19 illness or self-isolation.
Click here for more information and a simple one page application form: https://www.gov.ie/en/campaigns/4cf0e2-covid-19-coronavirus-information-for-employers-and-employees-test/
VAT, PAYE and PRSI If you have concerns about your ability to pay your tax liabilities speak to the Revenue Commissioners, who have advised: "On an on-going basis, Revenue engages with viable businesses experiencing temporary cash flow or trading difficulties that affect the timely payment of tax. Revenue works very successfully with businesses that engage early to resolve their tax payment difficulties. Revenue will engage with any viable business that experiences temporary cashflow difficulties, including difficulties arising from exceptional circumstances such as the COVID-19 (Coronavirus) outbreak.” See www.revenue.ie.
For Government supports for COVID-19 impacted businesses click here
For public information on COVID-19 click here
Please find FAQs for the Business Sectorhere
Please note our arrangements for the following services and supports:
Start Your Own Business and other business or IT skills training:
All face to face training has been moved online and we’re planning to continue to deliver the scheduled courses online.
Anyone booked onto course will be contacted directly on how to access the online training.
If you have booked onto a course and do not wish to do participate online we can arrange a refund provided you contact us to cancel.
Immediate advisory supports to help you:
To make a booking for a phone Business Advice session and Business Continuity Planning please contact us on 0404 30800 or enterprise@leo.wicklowcoco.ie
Refundable Aid:
If you are currently making Refundable Aid repayments and are already experiencing financial strain, please apply directly to this office and we can authorize a three-month holiday on Refundable Aid repayments. Mentor assistance
Please note that we will maintain our mentoring services via telephone, Skype etc so if you do have concerns regarding Cash Flow Management, Human Resources, Business Models etc do contact this office and we will set it up for you.
Evaluation and Approvals Committee (EVAC) Meetings:
EVAC approvals meetings will now be conducted electronically and any Grant application currently in progress with us will be processed as early as possible upon finalisation of your application.
Grant Time Extensions:
Any LEO clients who due to business uncertainties, are not be able to claim their grants in the short term may apply for a Time extension of 3 to 6 months. Please contact the office to arrange.
We will work with you to come through this ever-changing and extremely challenging business environment. We will update you on further changes to LEO supports in the days and weeks ahead.
Best wishes,
Vibeke Delahunt
Head of Enterprise
.
Phone: 0404 30800
Email: enterprise@leo.wicklowcoco.ie
Address:
Local Enterprise Office Wicklow,
Wicklow County Campus,
Clermont House,
Rathnew.
Co. Wicklow
