The Covid Restrictions Support Scheme (CRSS) 22 October 2020

The Covid Restrictions Support Scheme (CRSS) announced in the Budget on 13 October was introduced as an additional support for businesses subject to significant Covid-19 restrictions.

This scheme is aimed at businesses which are impacted by COVID-19 restrictions.

Qualifying businesses can apply to Revenue for a cash payment, representing an Advance Credit for Trading Expenses (ACTE) that are deductible for IT or CT purposes. Payments will be calculated on the basis of 10% of the first €1m in turnover and 5% thereafter, based on average VAT-exclusive turnover for 2019. This will be subject to a maximum weekly payment of €5,000.

The scheme will generally apply when Level 3 or higher restrictions are imposed in line with the Plan for Living with COVID-19. It will run from 13 October 2020 until 31 March 2021.

Scheme Duration             13 October 2020 to 31 March 2021 24 weeks total

Level 5 Duration               20 October to 01 December 2020 (6 weeks)

 Max payment                   €5,000 per week based on turnover from €80,000 upwards pw. Same grant if turnover is €80,000 per week or €800,000 per week

Basis of payment             10% of 1^st €20,000 of weekly turnover    = €2,000

                                         5% of the balance subject to the max.     = €3,000 (5% of €60,000)

Qualifying rules                Turnover must be no more than 20% of average weekly turnover for a period equal to the same number of weeks in 2019

Payment                            Known as the “ACTE” – Advanced Credit for Trading Expenses

Claims Process                  Not yet live – expected to be from mid-November and will be on a self assessment basis

Managing Agency            Revenue.ie

Requirements                   Tax clearance cert

https://www.revenue.ie/en/news/articles/covid-restrictions-support-scheme-crss.aspx