Coronavirus business grant schemes get European approval

The European Commission has approved two coronavirus-related grant schemes aimed at businesses.

It has given its backing to the State’s €250 million Restart Fund, which is intended to support micro and small businesses affected by the coronavirus outbreak.

The initiative, which was announced in early May as part of a comprehensive €6.5 billion package for businesses, provides direct grants that are equivalent to an individual company’s commercial rates for last year.

The grant is subject to a maximum amount of €10,000 per company and is intended to help support companies as they move to reopen their businesses and re-employ staff following lockdown.

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The scheme applies to businesses with a turnover of less than €5 million and employing 50 people or less, which were closed or impacted by at least a 25 per cent reduction in turnover as a result of forced closure.

Research and development

The commission has also approved a €200 million Irish scheme to support research and development, testing and production of coronavirus-related products in the Republic.

The Covid Products scheme provides direct grants and repayable advances to companies with more than ten employees operating in the manufacturing and trade services sector.

The aim of the initiative is to accelerate the development and production of products, including vaccines and other medicinal products, as well as hospital and medical equipment.