Is your business eligible to claim support under Government Covid and business recovery support schemes?

Is your business eligible to claim support under Government Covid and business recovery support schemes?

Fri 19 Mar 2021

Government’s around the world have acted to help support individuals and businesses to get through to Covid pandemic.  Mazars Covid-19 global tax and law tracker provides an overview of the measures different jurisdictions have put in place and there is a range of information and webinars at the above link.  In this article we focus on support available in the US, Ireland and the UK.

United States

The US has recently signed into law its ‘American Rescue Plan’.  Amongst other things for businesses that have experienced full or partial suspension of operations as a result of Government orders, the ability to claim a refundable credit of $7,000 per employee per quarter has been extended from 30 June 2021 to the whole of 2021.  Further details on this and other measures in the $1.9 trillion US package can be found here, along with our US contacts.

Ireland

Ireland has a range of support available (see here).  One of its schemes aimed at assisting SMEs, the Covid Restrictions Support Scheme, was originally set to expire on 31 March 2021, but is now expected to be available until 30 June 2021.  The scheme enables qualifying businesses to claim up to €5,000 per week depending on turnover.  Further background on the scheme and a link to contacts in our Irish office can be found here.

UK

The UK Budget on 3 March announced a number of further Covid support measures for business, including: an extension to the end of September 2021 to its furlough scheme which offers Government support for up to 80% of qualifying employee costs; restart grants of up to £6,000 for non-essential businesses and £18,000 for those in the hospitality and leisure sector; reduction in business rates to March 2022; reduced VAT rates in the hospitality, accommodation and leisure sector extended to  31 March 2022.  For further detail on the measures and a note of contacts in our UK office, please see here.