The purpose of the Coronavirus Recovery Scheme is to provide financial assistance in the form of a grant payment to those applicants that meet the Scheme’s eligibility criteria to support the costs of adapting a business and/or support towards essential ongoing operational costs, including salaries.
The Department for Enterprise’s Coronavirus Recovery Scheme is made under the Coronavirus Business Support Scheme 2020 (“the Scheme”) came into force on 25 December 2020 to replace Appendices 9 and 10 of the Financial Assistance Scheme.
The Scheme offers two options for financial support by way of a grant to eligible applicants towards business adaptation and a business can apply for either or both options as set out below.
Financial assistance towards business adaptation
It is noted that in the current climate, some businesses may wish to consider innovating and adapting their business model in order to seek new avenues of business and/or provide their products and services in a new way. A business looking to apply for financial support towards business adaptation should have experienced at least a 50% downturn in turnover since 1 March 2020 (as measured against the corresponding previous year).
Financial assistance towards business overheads
Financial assistance is offered by way of a grant towards the demonstrated short term (i.e. 4 months) forecasted cash flow requirements for eligible costs which includes salaries and overheads on a case by case basis.
Please note: the assistance under this package of support is available until 30 June 2021.
Further details, including the scheme guidelines and the application form can be found at the Department for Enterprise’s Coronavirus Recovery Scheme page.