Ever since the beginning of the lockdown, thousands of businesses have suffered from the effects of the Covid-19 crisis. Throughout the pandemic, Government funded organisations such as Enterprise Ireland and Local Enterprise Offices throughout the country have been supporting SME’s by encouraging business owners to apply for various grant funding schemes.
For the companies that were successful in applying and receiving funds, they now have obtained this support to help shore up their business against the Covid-19 threat. However, many of these companies may have no financial expertise to help direct the business owner around how best to utilise the funds.
Most SME’s are either too small or cannot afford a full-time finance resource. After successfully being approved by Enterprise Ireland as Business Growth Advisor status, EFM Ireland were then appointed as financial consultants. This ensured EFM Ireland were able to support a variety of SME’s under the Business Finance Planning grant scheme.
Members of the EFM Ireland team have supported companies, drawing upon their sector specialisms and experience as Finance Directors. The team have provided a full business/finance review, creating the company’s 3 year financial plan, management accounts (P&L, Balance Sheet & Cashflow), sales projections, debtor & creditor review, Covid-19 impact assessment. The key challenges and strategic issues are documented that were impacting the business.
Recommendations are made to assist the business owner and ensure they are aware of the actions they must take moving forward to survive the pandemic and prosper beyond.
The Irish Government recently announced the details of the 2021 Budget. Minister for Finance, Paschal Donohoe, announced that the budget will include a €3.4 billion recovery fund to stimulate the economy and employment in the aftermath of Covid-19 and Brexit, as well as a €1.6 billion spend on capital programmes.
Companies that are forced to close due to Covid-19 restrictions or whose turnover has dropped by 80 per cent can avail through the Covid Restrictions Subsidy Scheme. A grant capped at €5,000 per week. The scheme is to support their cash flow and keep businesses afloat and will be open to applications from next week.
The new Employment Wage Subsidy Scheme (EWSS) will operate from 1 September 2020 and will be continued in some form beyond next March for the duration of 2021. Under the EWSS, eligible employers will receive a flat rate subsidy payment from Revenue and it will apply a reduced PRSI rate in respect of eligible employees.
With Ireland now into level 5 lockdown, it’s imperative now more than ever that you protect your business. The EFM Ireland team can support your company by applying for funding through these schemes, ensuring your business stays open and remains strong throughout the Covid crisis.
If Covid-19 has affected your business and the issues are keeping you awake at night, contact the EFM Ireland team to arrange a financial healthcheck consultation. Get in touch via Will@efmireland.ie or by calling 087 380 9422.