Notice to ifac clients regarding COVID-19

16 Mar 2020

In the interest of keeping our teams and clients across the country as safe as possible, and playing our part in the fight against the COVID - 19 virus, our teams are largely working from home and communicating with you by telephone, email, and video conference.

You can drop accounts/tax information to our offices. Please note, access to our offices is by appointment only. Please contact your local office for more information on arrangements in your area.

Our bookkeeper/recorder service is operating on a collections only basis for the foreseeable future.

We will do our very best to continue to provide our services with as little disruption as possible, and we will be working hard to make sure your needs are met.

Don’t hesitate to contact us by calling your local office phone number if you need our help, or have a question you would like answered.

Our website will continue to be updated with important guides and news on business & employer supports, and Revenue guidance on deferring tax payments should your business experience cash-flow, or other difficulties in the months ahead.

The virus is a huge challenge for all of us, our families and our communities, by working together and making the right decisions at the right time, we will be as successful as possible, in meeting that challenge.

Thank you for your continued support,

John Donoghue

Chief Executive

Ifac

Further supports:

1. The Department of Employment Affairs and Social Protection have introduced measures to provide income support to people affected by COVID-19 (Coronavirus).

Illness Benefit for COVID-19 absences

Short Time Work Support

2. Revenue: Issued key advice to businesses experiencing tax payment difficulties, and appreciates that such difficulties can cause worries for businesses in terms of their ability to keep an otherwise good tax compliance record on track. Revenue has also provided updated advice which will further assist businesses that are experiencing trading difficulties caused by the impacts of COVID-19.

Revenue Support Measures COVID-19

3. Temporary COVID-19 Wage Subsidy Scheme The scheme, enables employees, whose employers are affected by the pandemic, to receive significant supports directly from their employer through the payroll system. The scheme is expected to last 12 weeks from 26 March 2020.

Wage Subsidy Scheme

4. The Department of Business, Enterprise and Innovation announced a number of supports for businesses facing challenges being presented by the current Covid-19 situation. 3.

The **Credit Guarantee Scheme **is in place and available now to SMEs subject to the relevant terms and conditions.

Separately the SBCI is currently working to finalise the terms and conditions of the SBCI COVID19 Working Capital Scheme and the eligibility application process for this. The SBCI website will be updated as soon as these are finalised. In the interim if you wish to be kept informed on developments please email the SBCI at info@sbci.gov.ie

5. Department of Business, Enterprise and Innovation

A Continuity Planning Checklist of preparatory actions in responding to COVID-19 has been provided by the Department of Business, Enterprise and Innovation.

This document outlines some of the necessary steps to take to help prepare for the potential repercussions of COVID-19.

6. Enterprise Ireland

A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business. This offers both rescue aid and temporary restructuring aid to SMEs in financial difficulty or experiencing acute liquidity needs. Contact your DA.

A Finance in Focus grant of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients that want to access consultancy support to undertake immediate finance reviews. More information on the Finance in Focus grant is available here on the Enterprise Ireland website.

7. Local Enterprise Offices

Local Enterprise Offices in every county will be providing vouchers from €2,500 up to €10,000 (with 50:50 match funding) to support business continuity preparedness, innovation and productivity.

A full list of the Local Enterprise Offices throughout the country can be found here.

8. Microfinance Ireland

The maximum loan available from MicroFinance Ireland will be increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that micro-enterprises – (sole traders and firms with up to 9 employees) - are facing.

Applications can be made through the MFI website or through your local LEO.

Contact our team today

We know that when you're in the thick of it it's not always easy to see where you are, how change might affect you, or where you need to go. Contact our team today.

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