The COVID-19 Business Aid Scheme (CBAS)
A new scheme to provide grants to businesses ineligible for other existing schemes. The COVID-19 Business Aid Scheme (CBAS) will provide €60 million to businesses to help with fixed costs. Wholesalers, suppliers,caterers, and event companies down 75 percent or more in turnover will benefit.
The Tánaiste said, “A new Scheme, the CBAS, will help some businesses that aren’t eligible for existing grants, largely due to the fact that the premises they operate from have not been closed to the public”.
The scheme will be available to companies, self-employed, sole traders or partnerships; with a minimum turnover of €50,000:
- who are not owned and operated by a public body;
- the business is not eligible for CRSS or Failte Ireland Business Continuity Scheme
- they are in receipt of a rates bill from their local authority for business which operates from a building, or similar fixed physical structure on which business rates are payable (mobile premises, or premises which are not permanently fixed in place, do not meet the definition of business premises nor do premises on which no rates are payable);
- the business must have a current eTax Clearance Certificate from the Revenue Commissioners;
- the turnover of the business over the claim period is estimated to be no more than 25 percent of the average weekly turnover of the business in 2019; or the projected average weekly turnover of the business for 1 January to 30 June 2021 for businesses that commenced after 1 November 2019; and the business intends to resume trading in full once government restrictions are eased
In response to Parliamentary questions this week, the Tánaiste detailed that funding of up to €8,000 would be available under the CBAS for those businesses that are in receipt of a rates bill from their local authority.
It is estimated that the scheme will help approximately 7,500 businesses.
Details of the scheme are being finalised and it is expected to be open for applications shortly.