Supplementary Proposals

1.

Corporation tax rebate
Refund of preliminary tax paid for 2019.

2.

Deferral of VAT and P30
Deferral of January – March 2020 payment for 2 years, repaid over 1 year.
Deferral of February / March 2020 payments for 2 years, repaid over 1 year.

3.

Clarity on re-opening
Businesses will need at least 4 weeks notice of planned relaxation of Lockdown rules, to re-train staff and re-start supply lines.

4.

Put innovation fund in place for restaurant diversification
Because of Covid19 social distancing rules, many restaurants will have to diversify their business models, for example moving into takeaway and delivery, as opposed to dine in. An innovation grant for eligible businesses would help restaurants to develop and test new methods of doing business.

5.

Re-introduce a rebate to help employers cover the cost
of redundancy payments for 2 years

Up until 2012, an employer making statutory redundancy payments to former staff was able to claim back a 60% rebate from the state to help cover the cost. This rate was reduced to 15% in 2013, and the rebate was abolished altogether afterwards. When an employer cannot make redundancy payments, staff are paid by the social insurance fund. In this case, the business must then repay the state 85% of the amount spent.

6.

Allow businesses owners to access their pension funds without penalty, for the purpose of re-investing in their businesses
Investment direct into businesses at a time of reduced liquidity.
By lodging this money with the banks as security, then taking
out a new loan, it has the effect of doubling the impact on the business’s liquidity.

7.

Restrictions on SBCI funding relaxed
Many businesses are unable to avail of SBCI funding through pillar
banks, as banks apply same ratios as to a conventional loan,
notwithstanding their downside risk is covered.

8.

Consumer stimulus
State funded vouchers to the value of €750 per household ring-fenced to
hospitality and non-essential retail sectors.

Save Our Restaurants Coalition 2020.