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Coronavirus (Covid 19) â latest update
Dear Laz,
As you know, developments around the Coronavirus are happening on a daily, sometimes hourly, basis.
As of today (5pm, Wednesday 11th March) there has been no request from government to close pubs. Itâs common for rumours to swirl around during times of crisis so please check with us here in head office if you hear a rumour. We will pass on any verified news to you as soon as we have it.
The following is the most current information in relation to government business support for SMEs along with feedback from banks and suppliers:
Business supports
The government has announced a series of measures to support businesses, including:
-
Local Enterprise Offices in every county will be providing vouchers from âŹ2,500 up to âŹ10,000 (with 50:50 match funding) to support business continuity preparedness, innovation and productivity.
- A âŹ200m Strategic Banking Corporation of Ireland (SBCI) Working Capital scheme for eligible businesses impacted by COVID-19
- The maximum loan available from Microfinance Ireland will be increased from âŹ25,000 to âŹ50,000 as an immediate measure to specifically deal with exceptional circumstances that micro-enterprises â (sole traders and firms with up to 9 employees) - are facing.
The Department of Business, Enterprise and Innovation has issued a checklist for businesses HERE
Banks
Most of the major banks have announced measures to assist small businesses. It appears most customers will be assessed on a âcase by caseâ basis so the best advice is to contact your bank directly and explain concisely what you require.
Bank of Ireland - The bank says it will provide emergency working capital, payment flexibility on loan facilities, and the provision of trade finance and foreign currency products to support sourcing products from new suppliers internationally. âWe will prioritise loan decisions for impacted businesses, and will also review the supports required for all of our customers as the impact of the virus on both our business and personal customers is further understood over the coming weeks,â it says.
Customers who are concerned are encouraged to make contact with their Business Relationship Manager or ring 0818 200 348.
AIB â is yet to announce any special arrangements for small businesses but says it has existing mortgage features in place for customers seeking to avail of an interest only/moratoria period in certain circumstances along with well-developed solutions for customers in difficulty with their mortgage repayments.
Ulster Bank â announced measures to assist firms including a âŹ500m working capital fund for small and medium sized enterprises. It will also be offering temporary emergency loans with no arrangement fees as well as capital repayment holidays on variable rate loans
A ârealignment of paymentsâ will also be offered to customers who are seeing short term liquidity pressures, it said.
Suppliers
The VFI is in contact with all major suppliers, who are ready to assist members who have cashflow difficulties. They will assess how best to help members on a case by case basis.
If you are having payment problems you should contact suppliers immediately so they can assist you.
Revenue
If you are experiencing cashflow difficulties contact Revenue as early as possible, either through its online payment channel (ROS) or by phone 01 738 3663 so that an agreement can be organised.
Further support
Given that the hospitality sector is at the sharp end of the Coronavirus crisis, further supports for the trade are expected to be announced in the coming weeks. The VFI is calling for a temporary suspension of VAT payments, a reduction in employersâ PRSI contributions and a reduction in the hospitality VAT rate to 9%. Commercial rates should also be suspended for the remainder of 2020.
Weâll keep you posted on developments as they happen.
Reminder: As ever, the best public health advice is available from the HSE website HERE
Donât forget to use the hand hygiene posters in your pub, available HERE
Kind regards,
Brian