Almost €9.3m in Covid supports for local businesses

Almost €9.3 million has been allocated to assist businesses in Cavan and Monaghan reopen in a post-Covid lockdown environment.

The latest Government figures published also show the number of applications made, and also granted, in terms of supports under the various schemes for businesses impacted by COVID-19 across the two counties.

The Government previously introduced a package of supports for firms of all sizes, which includes the wage subsidy scheme, the pandemic unemployment payment for the self-employed, grants, low-cost loans, write-off of commercial rates and deferred tax liabilities.

However last month the coalition unveiled the July Jobs Stimulus, a €7.4bn package of measures designed to stimulate a jobs-led recovery and build economic confidence, while continuing to manage the impact of COVID-19.

The latest figures were provided to local Sinn Fein TD, Pauline Tully, after she submitted a Parliamentary Question to Tánaiste and Minister for Business, Enterprise and Innovation, Leo Varadkar.

To date, €4,838,633 has been made available to businesses in Cavan to be drawn down.

This includes 10 applications made under the COVID-19 Business Financial Planning Grant (€49,775); eight under the Lean Business Continuity Support (€20,000) - all eight were successful; and three total and successful applications made under the COVID-19 Online Retail Scheme (€104,661).

As of July 24, Cavan County Council has received a total number of 826 applications from businesses seeking Restart Grant funding. Of this amount, 513 have successfully been approved for payment, with €1,667,233 paid out so far. A sum of €3,251,425 is available through the fund, 37% more than was initially requested.

There have been 33 applications processed under the SBCI - COVID-19 WCS (€450,000), of which five has been successful; 16 applications under the Microfinance Ireland COVID-19 Loan (€285,000), with 11 successful; and six applications, with four successful under the €11,200 E-merge fund.

One successful application was made for Emergency Business Solutions worth €2,250; 368 applied for Business Continuity Vouchers, with 342 successful (€545,000- approved up to a max amount of €2,500); and 114 applications made for Trading Online Vouchers (€119,322).

The Local Enterprise Office (LEO) in Cavan furthermore submitted a total of seven Micro Finance applications, and also provided COVID-19 related Mentoring Support to 55 participants and Training Support to 495 participants.

In Monaghan, uptake for various supports was on par with its county neighbour.

A total of 10 applied for COVID-19 Business Financial Planning Grant (€49,400); nine for Lean Business Continuity Support (€22,500); and seven with three successful for the COVID-19 Online Retail Scheme (€111,639).

By July 24 last, Monaghan County Council had received a total of 777 applications for Restart Grant funding. Of this amount 703 applicants have been approved for funding from the initial tranche of €3,251,425 allocated to the Council on initiation of the Scheme, and €2,312,179 paid out so far.

A total sum of €2,429,384 has been sought, with 34% more awarded than initially requested.

Elsewhere, 38 applications were processed with three success under the SBCI - COVID-19 WCS (€190,000); 14 applied with 10 successful under the Microfinance Ireland COVID-19 Loan (€309,000); four applications made with two successful for E-merge (€5,600); and five applied with four successful for Emergency Business Solutions (€9,000).

Some 226 Monaghan-based businesses applied for Business Continuity Vouchers, with 223 successful (€364,780); while 84 applied for Trading Online Vouchers (€137,772).

The Local Enterprise Office in Monaghan submitted a total of six Micro Finance applications, and also provided Covid-35 related Mentoring Support to 35 participants, and Training Support to 648.

Later this year the Government says it will set out a National Economic Plan, to chart a long term, jobs-led recovery.

That plan is expected to outline how to secure public finances in a world living with Covid-19, while also driving efforts to decarbonise the economy and prepare for the next phase of technological transformation.

By comparison to other neighbouring counties, €940,437 has been paid out so far to businesses in respect of Restart Grant funding in Co Leitrim; €1,372,250 in Longford; and €4,626,980 in Co Meath.