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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 1st €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
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