Members have been in touch with Chartered Accountants Ireland, looking for clarification on several terms underlining the conditions for the Small Business Assistance Scheme for COVID (SBASC). The Institute contacted the Department of Enterprise, Trade and Employment for clarification on terms such as turnover and average weekly turnover. In response, the Department of Enterprise, Trade and Employment noted, “Since this scheme is designed to cover some of the businesses ineligible for CRSS, qualifying conditions are generally aligned to CRSS insofar as possible. That being the case, definitions and examples as provided by Revenue in CRSS for terms such as turnover and average weekly turnover are acceptable for SBASC purposes”.

SBASC gives grants to businesses who are not eligible for the COVID Restrictions Support Scheme (CRSS), the Fáilte Ireland Tourism Business Continuity Scheme or other direct sectoral grant schemes. The CRSS guide in section 4.3 defines turnover and weekly turnover.

Chartered Accountants Ireland also asked the Department of Enterprise, Trade and Employment for a brief example of how the scheme operates.

A sole trader has turnover of over €50,000, and her turnover is down 30 percent so far in 2021. Will she qualify for the SBASC?

Ans: In this case, the business owner is not eligible for SBASC as the drop in turnover is insufficient. The sole trader’s turnover would need to have dropped 75 percent instead of just 30 percent to be eligible.