Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.
Factsheet for measure IE-2020-15/1018 – measures in Ireland
|Country||Ireland , applies nationwide|
|Time period||Open ended, started on 08 April 2020|
|Type||Other initiatives or policies|
Supporting businesses to stay afloat
– Access to finance
|Author||Roisin Farelly (IRN Publishing) and Eurofound|
|Measure added||24 July 2020 (updated 15 November 2021)|
Support of up to €800,000 can be provided to companies who have been negatively impacted by COVID-19. The objectives of the fund are to: ensure eligible companies have access to necessary liquidity in the short-term; and sustain the business so that the company can return to viability and contribute to the recovery of the Irish economy.
Total of €180 million available in the fund.
Funding from €100,000, up to €800,000, is available to eligible companies which: employ 10 or more full-time employees, are operating in the manufacturing and internationally traded service sectors, have seen (or expect to see) a 15% or greater reduction in actual or projected turnover or profit, or a significant increase in costs, as a result of COVID-19 health crisis.
The Sustaining Enterprise Fund will be used to support the implementation of a Sustaining Enterprise Project Plan which should be provided by the company outlining the eventual stabilisation of the business and a return to viability.
Funding will be provided for a five-year period, using the following instruments: repayable advances, grant aid, equity or loan note. Funding provided will comprise a combination of repayable and non-repayable support. Up to 50% of the funding provided will be non-repayable, with maximum non-repayable support of €200,000.
The scheme is not open to:
As of July 22, 2020, 148 applications were being developed, 51 were received and 19 were approved, drawing down €7.9 million.
The scheme was approved by the European Commission under EU state aid rules.
According to the Department of Enterprise, Trade and Employment: As of 31 December 2020, 579 applications were received with a total value of €135.7 million.
According to the Department of Enterprise, Trade and Employment: 772 application forms were issued. As of 5 March 2021, 596 applications were received and 430 were approved with a total value of €151.63 million.
According to the COVID-19 and Brexit Business Supports Tracker 2021, the value of approvals when reporting discontinued on the 9 of July 2021 was €178.03 million.
|Does not apply to workers||
||Does not apply to citizens|
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Form||Not applicable||Not applicable|
Social partners' role in the implementation, monitoring and assessment phase:
The Ibec employer body likely to have been informed about the scheme - unions not involved.
Ibec likely to have welcomed the scheme.
Eurofound (2020), Enterprise Ireland/IDA Sustaining Enterprise Scheme, measure IE-2020-15/1018 (measures in Ireland), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/IE-2020-15_1018.html
30 January 2023
Governments across the EU continue to implement policies to support citizens and businesses in the face of rising food and energy prices caused by the COVID-19 crisis and intensified by the war in Ukraine. This article summarises the policy responses as reported in Eurofound's EU PolicyWatch database from January to September 2022.Article
12 September 2022
Although the worldwide pandemic situation had already disrupted supply chains and triggered increases in energy and food prices in 2021, the situation deteriorated in 2022 with the Russian invasion of Ukraine.Article
12 September 2022
This article summarises the first policy responses that governments across the EU have started to implement to support companies affected by the rising prices, and those with commercial ties to Ukraine, Russia or Belarus.Article
Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.