Following on from Revenue’s announcement last Monday that the Business Resumption Support Scheme (BRSS) was open for registration, the Minister for Finance, Paschal Donohoe TD issued a press release on the support for “vulnerable but viable businesses”.
The BRSS provides for a payment known as an Advance Credit for Trading Expenses (ACTE). The ACTE payment will be calculated as three times the sum of 10 percent of the average weekly turnover of the reference period up to €20,000 and 5 percent of so much of the average weekly turnover of the reference period that exceeds €20,000. The ACTE payment will be subject to a maximum payment of €15,000.
Full details of the eligibility criteria are available in the Revenue guidelines on the scheme, but the main criteria are as follows:
- businesses must be able to demonstrate that their turnover reduced by at least 75 percent during the period 1 September 2020 to 31 August 2021 compared with the reference turnover period which for the majority of businesses will be 2019;
- the profits of the trade, or trading activities of the business, must be chargeable to tax under Case I of Schedule D; and
- the business must possess a valid tax clearance and continue to maintain tax clearance for the duration of the application period.
BRSS claimants must be actively trading at 1 September 2021. Businesses eligible for the CRSS on 1 September 2021 will be paid the CRSS and will not be eligible for the BRSS.
Applications under the scheme must be made between 1 September 2021 and 30 November 2021. Businesses can register for the BRSS via the eRegistrations system on ROS. Paragraph 3.1 of the guidelines provides details of the information required on registration. Once the registration has been processed a claim for the BRSS can be made via the eRepayments system on ROS.
For more information see the Department of Finance press release, and the Revenue press release.
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