Business resumption support scheme opens for applications
A new support scheme for businesses with reduced turnover as a result of Covid-19 restrictions has opened for registration.
Under the business resumption support scheme (BRSS), qualifying business will be able to apply to Revenue for a cash payment, representing an advance credit for trading expenses that are deductible for income and/or corporation tax purposes.
Payments will be calculated on the basis of three weeks at 10 per cent of the first €1m in turnover per week and five per cent thereafter, based on average VAT exclusive turnover for 2019, and will be subject to a maximum payment of €15,000.
Businesses will be required to have tax clearance and payment will be conditional on the business actively trading on 1 September 2021 with an intention to continue to trade.
The BRSS is a general scheme and is open to any businesses whose turnover remains impacted as a result of public health restrictions. Businesses who previously availed of other schemes such and SBASC and the Tourism Business Continuity Scheme for example as well as CRSS will be eligible to apply provided they meet the qualifying criteria.
However, businesses eligible for the CRSS on 1 September 2021 will be paid the CRSS and will not be eligible for the BRSS. They may also be eligible for “restart weeks” under the CRSS.
Finance minister Paschal Donohoe said: “As I announced earlier this summer, the business resumption support scheme is being introduced for vulnerable but viable businesses, particularly in sectors that were significantly impacted throughout the pandemic, even during periods when restrictions were eased.
“The BRSS is a general scheme providing a once-off cash payment, and businesses that has previously received other supports such as SBASC or CRSS can still apply. It does not require physical premises so businesses such as taxi drivers, on course bookmakers, wholesalers and suppliers who were not eligible for CRSS will be able to benefit under this scheme providing they meet the eligibility criteria.”
The BRSS is provided for in the Finance (Covid-19 and Miscellaneous Provisions) Act 2021 which was passed by the Oireachtas just before the summer recess.
Mr Donohoe added: “Charities and certain approved sporting bodies that were not able to benefit from the CRSS will also be eligible for the BRSS subject to meeting the other criteria.”