The latest COVID-19 support scheme statistics show that 40 percent of July employments supported through the Employment Wage Subsidy Scheme (EWSS) are those with gross weekly pay of €400 to €700. Revenue has also provided information on the uptake of the temporary acceleration of loss relief.
EWSS
Total EWSS payments for July amounted to €465.5 million. This was paid to 33,100 employers in support of 359,800 employments. The latest statistics include a breakdown of employee income in July, which show that 41 percent of employments supported by the EWSS are those with gross weekly pay of less than €400. With a further 40 percent in the €400 to €700 bracket, the remaining 19 percent was paid in relation to employments earning gross weekly wages above €700.
August EWSS payments to 19 August amount to €204.6 million, bring total payments made under the scheme to €4.4 billion.
CRSS
There are 3,800 businesses with 4,400 premises registered for the Covid Restrictions Support Scheme (CRSS). 17,500 premises have claimed “restart week” payments are now trading without CRSS support. Total amounts claimed under the CRSS amount to €694 million.
Temporary acceleration of loss relief
Section 396D TCA 1997 provides for a temporary acceleration of corporation tax loss relief for any accounting periods affected by the COVID-19 pandemic and related restrictions. Companies are allowed to estimate their trading losses for certain accounting periods and carry back up to 50 percent of those losses against chargeable profits of the preceding accounting period on an accelerated basis.
247 companies have claimed accelerated loss relief, with total claims amounting to €474 million. The median claim of a company with trading profits is €60,824.
Further information on the temporary acceleration of corporation tax loss relief is available in Revenue guidance.
Self-employed individuals can also claim to have losses and certain unused capital allowances carried back and deducted from their profits for the preceding tax year of assessment, subject to a €25,000 limit. This relief allows self-employed individuals make interim claims based on estimates.
357 individuals have claimed accelerated loss relief, with total claims amounting to €3.98 million.
Further information on the temporary income tax measures for self-employed individuals is available in Revenue guidance, and sections 395A, 395B and 395C TCA 1997.
For more information see Revenue’s COVID-19 support scheme preliminary statistics (as at 19 August 2021).
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