Varadkar announces additional €160m for Covid business grants

ireland
Varadkar Announces Additional €160M For Covid Business Grants
Tánaiste and Fine Gael leader Leo Varadkar. Photo: PA Media
Share this article

The Government has announced a new range of additional Covid supports, including a payment to target businesses which are currently ineligible for the Covid Restrictions Support Scheme (CRSS).

As part of the €160 million funding boost announced today, €10 million has been allocated for companies developing and producing Personal Protective Equipment (PPE) and equipment being used to battle Covid-19.

The funding, which also includes a €60 million Covid-19 Business Aid Scheme (CBAS) was agreed by Cabinet earlier today.

The CBAS will cover businesses not covered by the CRSS to assist with fixed costs, with wholesalers, suppliers, caterers and events companies whose income has fallen by 75 per cent or more expected to benefit.

The Sustaining Enterprise Fund will also receive a €90 million injection, with non-repayable grants of up to €800,000 available for eligible manufacturing and internationally traded services companies.

Advertisement

Commenting on today's announcement, Tánaiste Leo Varadkar said the Government is working to assist businesses through the Covid-19 pandemic and explained how some businesses will benefit: "The CBAS, will help some businesses that aren’t eligible for existing grants, largely due to the fact that the premises they operate from have not been closed to the public.

"We estimate that this will help approximately 7,500 businesses. While the grant is modest it will be of substantial assistance to smaller businesses with some of their fixed costs like rent, utilities and security."

Mr Varadkar said details relating to the CBAS are currently being finalised, but the scheme will be open for applications shortly.

"We’ve seen huge demand for the Sustaining Enterprise Fund, which is there to support our manufacturers and exporters which have experienced a drop in orders," the Tánaiste added.

"The Scheme has protected 22,000 jobs all across the country to date, and we hope this €90 million will secure many more.

"We’re also putting more money into the Life Sciences sector. This will help companies making PPE and other Covid-related products to expand thereby increasing supply and reducing our dependence on imports," he said.

Read More

Want us to email you top stories each lunch time?

Download our Apps
© BreakingNews.ie 2021, developed by Square1 and powered by PublisherPlus.com