The Covid Restrictions Support Scheme (CRSS) was introduced in October 2020 to assist businesses who were impacted by government lockdowns and suffered a resulting substantial reduction in turnover of 75% or more.
It operates from 13th October 2020 to 31st March 2021 and provides an Advanced Credit for Trading Expenses (ACTE) of 10% of average weekly turnover based on 2019 up to a weekly payment limit of € 20,000. Therefore the maximum weekly turnover of applicants would be € 200,000 for a € 20,000 weekly payment. A business with an annual turnover of € 1,04 million in 2019 would have an average weekly turnover of € 20,000 and therefore could claim a payment of € 2,000 for each week its business has been impacted. If it has been closed for the 6 week period from 21st October to 01st December the payment would amount to € 12,000.
The process to avail of this payment and the information requirements necessary to claim should already be available from your financial records and is reasonably efficient, involving an online registration application followed by an online claim.
The essential task is that there is an 8 week time limit to make a claim from the commencement date of the claim period. Since this scheme has been open since the level 5 lock down of 21st October and first claim periods are effective from the previous Monday 19th October , the 8 week deadline for the first weeks claim period will expire on 13th December.
We are familiar with the registration and claim requirements of this scheme and if you would like to discuss this blogpost in more detail for your own businesses circumstances then contact me at michaelomahony@omahonydonnelly.ie
