The government recently announced a €250 million temporary scheme to support qualifying businesses suffering as a result of the economic downturn.
How does it work?
The scheme will provide successful applicants with a maximum subsidy of €200 per week for each full time employee for a period of 26 weeks. After this initial 26 weeks, the payment reduces to €150, €100 and €50 respectively for each subsequent 13 week period for a maximum of 15 months until 21 November 2010. A maximum of €9,100 will be paid out for each employee and the maximum total subsidy which can be paid to any one business over the period of the scheme is €500,000.
Who is eligible?
In order to be eligible for the scheme, a business must:
• Be a manufacturing or internationally trading firm;
• Employ 10 or more full time employees;
• Demonstrate that the business was not in financial difficulty on 1 July 2008 and now come into difficulty as a direct consequence of the global financial crisis;
• Demonstrate that the business has enough resources (including any assistance from the scheme) to continue trading as a viable operation until 31 December 2010.
How do I apply?
There is a detailed application form required to be completed and can be submitted online. The closing date for applications is 4th September 2009.
Further information, including details regarding the online application process, is available at www.employmentsubsidy.ie