RBK Business Update – June 2020

The impact that the Covid-19 pandemic is having on our economy will continue to unfold in the coming months. As many businesses prepare to re-open, they will be faced with significant challenges. We have been working with clients, sharing the latest advice on a range of topics from funding and grants, tax and HR advice to restructuring options.

Our teams are well placed to assist and advise you. We are here to help.

Please get in touch with your usual RBK contact or any member of our team for further assistance.

1. Business Support Matrix

There is a range of business funding and grant supports available through a number of different Government agencies and bodies, which are being added to on a continual basis.

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2. COVID-19: Restart Grant

Applications for the Restart Grant are open and can be made via a simple online application form on your local Council website. The grant, which is targeted at helping businesses reopen in line with the National Roadmap, will be worth between €2,000 and €10,000 to each applicable business, based on 2019 rates.

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3. RBK Corporate Recovery Helpline

Due to the COVID-19 pandemic, many businesses in Ireland are facing hardship. Here at RBK, we are offering a dedicated, confidential helpline to assist business managers and owners at this difficult time.

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4. COVID-19 in the Workplace – RBK HR Solutions can help you

We have developed a Practical Guide for Employers to ensure that you are compliant with the Government’s mandatory protocol and to handle the anticipated HR challenges that may arise with your employees going forward in these changing times as everyone adapts to the ‘New Norm’.

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5. COVID-19: Employer Considerations – Returning to Work and Adapting to the “New Norm”

Our HR Solutions team have reviewed and addressed some of the concerns employers have in relation to Return to Work strategies following government restrictions being lifted for different sectors and industries in the coming weeks. Employers now need to consider how the transition can be best carried out.

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6. Treasury Hub Update – May 2020

This is the May edition of THE TREASURY HUB Banking and Treasury Markets Bulletin. Despite the ongoing pandemic, there has been a bounce back in equity markets and a settling down of the interest rate markets following last month’s volatility.

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7. COVID-19: Employer Considerations – Work-Life Balance & Mental Health

At this stage, a lot of companies are now working remotely and when the Government’s restrictions were introduced, most companies had to act quickly to ensure that their employees could work from home.

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8. COVID-19 Interest Suspension & Debt Warehousing Scheme

As part of the Government’s on-going response to the Covid-19 pandemic, a number of measures have been implemented to assist businesses experiencing cash flow and trading difficulties due to the pandemic. On Friday 8th May, Revenue provided updated information on the suspension of interest on late payment of taxes and further detail on the tax debt warehousing arrangement.

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9. COVID-19 Temporary Wage Subsidy Scheme – Updates Effective 4 May 2020

The Operational Phase of the Temporary Wage Subsidy Scheme has now come into operation for all payroll submissions made under the Scheme on or after 4 May. This also coincides with a number of updates and changes to the operation and calculation of the Wage Subsidy amount

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10. COVID-19: Charity Reserves Policy and using Reserves during a Crises

On the 13th May the Charity Regulator Authority (CRA) issued a guidance document “Guidance on Charity Reserves”. Items covered in this guidance included…

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11. The Charities VAT Compensation Scheme

The Charities VAT Compensation Scheme deadline for submission in relation to claims for the period 1 January 2019 to 31 December 2019 has been extended from the 30 June 2020 to the 31 August 2020 on account of the pandemic.

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