By Chamber Press Office, 22 May 2020
Dublin Chamber has warned that many small firms will unfairly miss out on the new Restart Grant due to the overly-restrictive requirements that have been placed on the scheme.
Dublin Chamber, which represents more than 1,300 businesses in the Dublin region, has called on the Government to refine the Restart Grant scheme to ensure that more firms who urgently require cash flow assistance in order to re-open, can avail of the help on offer. In particular, the Chamber has called for the €5 million turnover limit for applicants to be doubled to €10 million to allow all small firms to apply.
Dublin Chamber's Director of Public & International Affairs Aebhric Mc Gibney said: “We would urge the Government to reconsider the decision to close off the grant to firms with turnover of more than €5 million. It would make sense to increase the turnover limit to €10 million – the accepted turnover threshold for what defines a small firm in the EU. The €5m cap means that many small firms who need this grant to restart their business will miss out, putting the future of those businesses in doubt.”
Mr Mc Gibney said: "The biggest issue for small firms right now is cash flow. The injection of finance that the Restart Grant will provide means that firms will have the means to re-open and to start re-building their business. For a small retailer or company needing to buy stock in order to re-open, this is exactly the help they require as the re-opening of the economy gets underway. Getting back up and running will be costly for many firms, therefore this help will come as a welcome boost."