• Current students
      • Student centre
        My enrolments
        Exam results
        Mock exams
        Learning Hub data privacy policy
      • Course information
        Students FAQs
        Student induction
        Course enrolment information
        Key dates
        Book distribution
        Timetables
        FAE Elective Information
      • Exams
        Exam Info: CAP1
        E-assessment information
        Exam info: CAP2
        Exam info: FAE
        Reasonable accommodation and extenuating circumstances
        Timetables for exams & interim assessments
        Interim assessments past papers & E-Assessment mock solutions
        Main examination past papers
        Information and appeals scheme
        JIEB: NI Insolvency Qualification
      • CA Diary resources
        Mentors: Getting started on the CA Diary
        CA Diary for Flexible Route FAQs
      • Admission to membership
        Joining as a reciprocal member
        Conferring dates
        Admissions FAQs
      • Support & services
        Recruitment to and transferring of training contracts
        CASSI
        Student supports and wellbeing
        Audit qualification
        Diversity and Inclusion Committee
    • Students

      View all the services available for students of the Institute

      Read More
  • Becoming a student
      • About Chartered Accountancy
        The Chartered difference
        What do Chartered Accountants do?
        5 Reasons to become a Chartered Accountant
        Student benefits
        School Bootcamp
        Third Level Hub
        Study in Northern Ireland
        Events
        Blogs
        Member testimonials 2022
        Become a Chartered Accountant podcast series
      • Entry routes
        College
        Working
        Accounting Technicians
        School leavers
        Member of another body
        International student
        Flexible Route
        Training Contract
      • Course description
        CAP1
        CAP2
        FAE
        Our education offering
      • Apply
        How to apply
        Exemptions guide
        Fees & payment options
        External students
      • Training vacancies
        Training vacancies search
        Training firms list
        Large training firms
        Milkround
        Training firms update details
        Recruitment to and transferring of training contract
        Interview preparation and advice
        The rewards on qualification
        Tailoring your CV for each application
        Securing a trainee Chartered Accountant role
      • Support & services
        Becoming a student FAQs
        Who to contact for employers
        Register for a school visit
    • Becoming a
      student

      Study with us

      Read More
  • Members
      • Members Hub
        My account
        Member subscriptions
        Annual returns
        Application forms
        CPD/events
        Member services A-Z
        District societies
        Professional Standards
        Young Professionals
        Careers development
        Diversity and Inclusion Committee
      • Members in practice
        Going into practice
        Managing your practice FAQs
        Practice compliance FAQs
        Toolkits and resources
        Audit FAQs
        Other client services
        Practice Consulting services
        What's new
      • Overseas members
        Working abroad
        Working in Australia
        Overseas members news
        Tax for returning Irish members
      • In business
        Networking and special interest groups
        Articles
      • Public sector
        Public sector news
        Public sector presentations
      • Support & services
        Letters of good standing form
        Member FAQs
        AML confidential disclosure form
        CHARIOT/Institute Technical content
        TaxSource Total
        Audit Qualification requirements
        Pocket diaries
        Thrive Hub
    • Members

      View member services

      Read More
  • Employers
      • Training organisations
        Authorise to train
        Training in business
        Manage my students
        Incentive Scheme
        Recruitment to and transferring of training contracts
        Securing and retaining the best talent
        Tips on writing a job specification
      • Training
        In-house training
        Training tickets
      • Recruitment services
        Hire a qualified Chartered Accountant
        Hire a trainee student
      • Non executive directors recruitment service
      • Support & services
        Hire members: log a job vacancy
        Firm/employers FAQs
        Training ticket FAQs
        Authorisations
        Hire a room
        Who to contact for employers
    • Employers

      Services to support your business

      Read More
☰
  • Find a firm
  • Jobs
  • Login
☰
  • Home
  • Knowledge centre
  • Professional development
  • About us
  • Shop
  • News
Search
View Cart 0 Item

News

  • Home/
  • News
☰
  • News
  • News archive
    • 2020
    • 2019
  • Press releases
    • 2022
    • 2021
    • 2020
  • Newsletters
  • Press contacts
  • Media downloads
  • Podcasts Chartered Accountants Ireland
  • Budget day news

Additional COVID-19 related supports for businesses

Jun 04, 2021

On Tuesday, the Government published the Economic Recovery Plan (ERP), setting out a new phase of supports as economic activity resumes and people get back to work. The ERP provides for the enhancement and extension of the Employment Wage Subsidy Scheme (EWSS), the COVID Restrictions Support Scheme (CRSS) and the Tax Debt Warehousing Scheme, along with a new Business Resumption Support Scheme (BRSS).

The ERP is divided into four Pillars focused on a jobs-led recovery.

Pillar 1 – Sustainable public finances

The objective of returning to stable public finances as set out in Pillar 1 is to be balanced with not withdrawing supports too quickly and risking progress.

Pillar 2 – Helping people get back to work

Leading on from Pillar 1, Pillar 2 provides for the extension of existing support to reduce the risk of labour market scarring and entrenched long-term unemployment due to the pandemic.

Employment Wage Subsidy Scheme (EWSS)

The EWSS will be extended beyond 30 June 2021 until 31 December 2021. The current enhanced payment rates are to be maintained for Quarter 3 (July, August, September) at current turnover thresholds. The current threshold of a 30 percent reduction in turnover is retained but the reference period of assessment is being broadened out so that, for the purposes of determining eligibility for the scheme, a firm’s turnover in the full year 2021 will be compared against its turnover in the full year 2019. For Q3, there are no changes for qualification for EWSS for the childcare sector.

The question of employer contribution to employee wages and the issue of payment rates will be considered for Quarter 4, with a decision expected around the end of August/early September.

Pandemic Unemployment Payment (PUP)

The PUP will be extended beyond 30 June 2021 for existing claimants. The scheme will close to new applicants from 1 July 2021 as there should be no new job lay-offs as a direct result of public health restrictions.

The PUP will be available to students until the start of the 2021/2022 college year (final payment on 7 September).

From 7 September 2021 it is intended that the support available under the PUP will be reduced on a phased basis in increments of €50 per week. Subject to progress two further phases of changes will take place on 16 November 2021 and 8 February 2022. The Covid-19 illness payment will continue to remain available.

Other measures including the Pathways to Work 2021-2025 and re-skilling and up-skilling are considered in Pillar 2.

Pillar 3 – Re-building sustainable enterprise

Pillar 3 includes a renewed package of supports and investments.

Covid Restrictions Support Scheme (CRSS)

The CRSS will be extended beyond 30 June to 31 December 2021. There will be an enhanced restart payment of three weeks at double rates of payment to support businesses in meeting the costs of reopening as they exit the scheme. The maximum restart payment will be increased from €5,000 per week to €10,000 per week. This allows businesses reopening from 2 June to receive up to a maximum of €30,000.

Revenue confirmed in a press release that it will operate the changes to the CRSS on an administrative basis pending the enactment of the necessary legislation. The press release encourages business to consider when it will be most beneficial to make their claim for the enhanced restart payment, as once it is claimed the business no longer qualifies for CRSS.

Small Business Assistance Scheme for COVID-19 (SBASC)

Eligibility for the SBASC for Quarter 2 2021 applications has been broadened in two ways. Where businesses have a minimum turnover of €50,000 they can benefit from a €4,000 grant. This now includes businesses in non-rated premises, thereby benefitting self-employed people working from home, who meet all other eligibility criteria. It also provides for a grant of €1,000 for businesses with a minimum turnover of €20,000 and a maximum turnover of €49,999, with all other SBASC eligibility criteria applying.

Business Resumption Support Scheme (BRSS)

This new scheme will provide support to businesses with significantly reduced turnover as a result of public health restrictions in September 2021.

Businesses with profits chargeable to tax under Case I of Schedule D whose turnover is reduced by 75 percent in the reference period (1 September 2020 to 31 August 2021) compared with 2019 will be eligible. The scheme will not be restricted by location, rate paying or physical premises. Qualifying businesses will receive a cash payment, representing an advanced credit for trading expenses that are deductible for income and/or corporation tax purposes.

Businesses who previously availed of other schemes such as SBASC and the Tourism Business Continuity Scheme for example as well as CRSS will be eligible to apply provided they meet the qualifying criteria.

The BRSS will be administered by Revenue and will operate in a similar way to CRSS. Payments will be calculated on the basis of 3 weeks at 10 percent of the first €1 million in turnover and 5 percent, thereafter, based on average VAT exclusive turnover for 2019, subject to a maximum weekly payment of €5,000. Similar conditions to CRSS and EWSS will apply including tax clearance and payment will be conditional on the intention to trade.

Tax Debt Warehousing Scheme

The Tax Debt Warehousing Scheme will be extended to the end of 2021 for all eligible taxpayers with an interest free period during 2022. Covid-19 related liabilities will then fall to be paid from 1 January 2023 and interest at a reduced rate of 3 percent will apply from this date.

The scheme allows businesses to warehouse liabilities relating to VAT, PAYE (Employer) liabilities, certain self-assessed income tax liabilities and overpayments of Temporary Wage Subsidy Scheme (TWSS). Overpayments of EWSS will now be included in the scheme also.

Commercial rates waiver

The commercial rates waiver will be extended beyond 30 June, to end-September, in its current form.

Other supports in addition to the above are included in Pillar 3 with specific consideration given to the aviation and tourism sectors.

Pillar 4 – Balanced and inclusive recovery

The Government provides a commitment to recovering in a balanced, sustainable and inclusive manner as set out in Pillar 4.

Further information on the additional supports announced by the Minister for Finance is available in the Department of Finance press release.

Revenue has confirmed to Chartered Accountants Ireland that it is working on updates to the various guides for the enhanced supports, along with a new guide on the BRSS and expects to publish the guides in the near future.   

The latest news to your inbox

Useful links

  • Current students
  • Becoming a student
  • Knowledge centre
  • Shop
  • District societies

Get in touch

Dublin HQ

Chartered Accountants
House, 47-49 Pearse St,
Dublin 2, D02 YN40, Ireland

TEL: +353 1 637 7200
Belfast HQ

The Linenhall
32-38 Linenhall Street, Belfast,
Antrim, BT2 8BG, United Kingdom

TEL: +44 28 9043 5840

Connect with us

Something wrong?

Is the website not looking right/working right for you?
Browser support
CAW Footer Logo-min
GAA Footer Logo-min
CCAB-I Footer Logo-min
ABN_Logo-min

© Copyright Chartered Accountants Ireland 2020. All Rights Reserved.

☰
  • Terms & conditions
  • Privacy statement
  • Event privacy notice
  • Sitemap
LOADING...

Please wait while the page loads.