Practical Steps Businesses Can Take to Help Cope With the Covid-19 Crisis
March 13
10:26
2020
The Government has advised businesses experiencing financial difficulties as a result of Covid-19 to take the following steps:
- Contact your Bank or Finance provider to talk about your financing needs
- Consider the use of the State’s Credit Guarantee Scheme, which supports loans up to €1 million for periods of up to 7 years. Applications can be through the Pillar Banks or through the SBCI website.
- Microenterprises[1], can access loans of up to €50,000 from MicroFinance Ireland. Applications can be made through the MFI website or through your local LEO.
- Consider the SBCI Covid-19 Working Capital Scheme for eligible businesses will be available within the next week. Applications can be made through the SBCI website.
There are a number of practical steps you can take today:
- Assess your cash needs for the coming weeks. It may be prudent to defer discretionary spend
- Get advice from your accountant or use the advisory support available from your local LEO, and talk to your bank
- Check if your insurance policy covers you for an interruption in your business, or a temporary business closure, caused by Covid-19
- Consider whether you would be in a position to access contractors if your own workforce was to be significantly impacted
- Develop a business continuity plan, brief your staff on that plan, and test it in exercises. Maximise the use of remote and flexible working. The Department of Business, Enterprise and Innovation provides a template here.
[1] (sole traders, partnerships and Limited Companies with fewer than 10 employees and a turnover of less than €2m)
