1,300 Cork businesses apply for coronavirus restart grant
Cork County Council has received applications from 1,300 businesses for the Restart Grant to help them with the costs associated with re-opening and re-employing workers.
It is part of a series of incentives offered by the local authority as part of Project ACT, an initiative to support businesses and communities in every town and village.
Project ACT is being run across Cork County Council’s eight Municipal Districts with a fund worth €6 million to support community, festival, events and town enhancements.
The council said it was proceeding with the grants despite facing a €23m budget deficit from which it could take up to five years to recover, due to the Covid-19 lockdown.
Council chief executive Tim Lucey described its financial situation as “stark” and warned councillors they shouldn't underestimate the challenges they face, as the Covid-19 crisis could impact the council's income for the “next four to five years".
The council believes it could lose up to €20m in commercial rates income alone this year and a further €1m in lost parking income.
Despite these challenges, between €2,000 and €10,000 of direct aid is available to businesses, based on commercial rates bill from 2019.
The grant will be available to businesses with a turnover of less than €5m and employing 50 people or less, which were closed or impacted by at least a 25% reduction in turnover out to June 30, 2020. It is a contribution towards the cost of re-opening or keeping a business operational and re-connecting with employees and customers.
Separately, 750 companies applied for Business Continuity Vouchers through the Local Enterprise Offices in South Cork and Cork North and West.
Businesses employing up to 50 staff are eligible to apply for a Business Continuity Voucher to the value of €2,500 towards third party consultancy costs to assist with developing short-term and long-term strategies to deal with the Covid-19 pandemic.
There was also demand for Trading Online Vouchers, which help businesses establish an online marketplace. More than 300 applications were made, and a request for funding to meet further demand has been made.
Sharon Corcoran, Director Economic Development, Enterprise and Tourism in Cork County Hall said businesses have been severely impacted by the Covid-19 pandemic and have suffered greatly as a result.
"What we have witnessed is a huge demand from small businesses to get going again, and to reinvent themselves to reflect the new trading environment," she said.
"Thanks to this new energy from the business community, the Local Enterprise Office has never been busier. Many applications have been approved, and we are working diligently through the others as quickly as possible."
"Small businesses are the engine of our entire economy - our message to them is that we are here to support them now, and well into the future," Ms Corcoran added.
