Taking care of business

Taking care of business during Covid-19
An Employer’s Guide
By Thomas G Myles
Employment Rights Advice
info@employmentrightsadvice.ie

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© 2020. Copyright Era Legal & Corporate Limited, info@employmentrightsadvice.ie
This presentation does not constitute legal advice. You should seek professional advice before acting or refraining from taking any action based
on these contents.
Taking care of business during Covid-19 Contents
Key areas
Key figures
Take pressure off my business
What supports are available?
Planning for the future
Further info

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Taking care of business during Covid-19 Key areas
Money makes the world go round
 Office accounts
Bank statements Income and expenditure
Talk to your accountant/Bookkeeper
What items of expenditure can you reduce?
How long can you keep going without an income?
Know your monthly outgoings

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Taking care of business during Covid-19 Key areas - Employees
Consider your employees
Will you need to employ as many in the future?
What will the demand be like for your service post Covid-19 lock down?
Some companies will see an increase in demand for their services
Others will see a decrease
Make a list of your employees under the following headings:
Wages
Length of continuous service
Importance to your business

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Taking care of business during Covid-19 Key areas - Employees –
continued
Consider lay off, short time and other measures.
We have already dealt with this in a previous video (See link in description below)
These are measures which you may be able to take in order to avoid redundancy and
permanent closure.

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continued
Consider redundancy
Look at the various roles being carried out by your employees
Can the work be carried out by fewer staff?
Remember it is the role which is being made redundant
You cannot choose to make a person redundant just because you want to
You must make a fair analysis of how best to organise your labour force in order to carry out
the work in the most efficient manner

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continued
Consider redundancy(continued)
Where the role no longer exists and you believe that to be permanent
You must serve the proper notice and issue redundancy payment
Avoid mistakes. Complete our online course for employers on implementing redundancy in
the workplace (see notes in the description below) .

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Look at your income stream
Has it dried up completely?
Will there be a surge in demand when the economy opens up for business?
Or is it seasonal?
Plot out your projected income for next six/twelve months post lock down

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Taking care of business during Covid-19 Easing the financial strain
What can I do now to ease the financial strain?
Talk to your bank manager
Can you obtain/extend your overdraft?
Can they provide access to short term cash, should you need it?
What other measures do they suggest?
Can you afford the overdraft/loan ?
Will there be a sufficient growth in demand for your services to justify the borrowing?

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Taking care of business during Covid-19 Easing the financial strain
Talk to the Revenue Commissioners
They have stated on their website revenue.ie that they understand the pressures on
employers and businesses caused by Covid-19
They encourage you to make best estimate returns if your normal bookkeeping supports are
not available due to Covid-19 restrictions.
They have suspended debt recovery and have adopted an understanding approach to
taxpayer difficulties caused by the Covid-19 crisis.
See link in the description below.
Now may be a good time to consider your succession planning
due to the impact on business valuations.

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Taking care of business during Covid-19 What supports are available?
A number of supports are available
Check with your Local Enterprise Office about advisory support and Covid-19 Business supports,
including a restart grant for small businesses of up to €10,000, one to one mentoring and online
workshops and a business continuity voucher (link in the description below).
Temporary Covid-19 Wage Subsidy Scheme (TWSS)
If you have had to close your business due to the. impact of the Covid-19 crisis, then under this
scheme you can continue to pay your workers. You may already be availing of this scheme.
Payments started on 26th March
Rates waived for the majority of businesses impacted by the crisis.

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Taking care of business during Covid-19 What supports are available?
There are a number of cash flow supports also available for businesses.
 they include:
Pandemic Stabilisation and Recovery Fund. This is a €2 billion fund for medium to large
companies. It is available at commercial terms.
Working Capital Loan Scheme. This scheme is available to viable micro, small, and medium sized
business and Small MidCap enterprises. Loans from €25,000 to €1.5 million are available.
Future Growth Loan Scheme. These are longer term loans from €100,000 to €3,000,000 at a
maximum interest rate of 4.5%.

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Taking care of business during Covid-19 What supports are available ?-
continued
Other supports include
Credit Guarantee Scheme
Microenterprise loans
Business Continuity voucher
Trading Online Voucher Scheme
Business Financial Planning Grant
Finance in Focus Grant
Online Retail Scheme
Restart Fund for micro and small businesses

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Taking care of business during Covid-19 What supports are available ?-
continued
There are also supports for specific industries.
Manufacturing and international services
Food and drink industries
Childcare providers
Construction industry
Charity, social enterprise and voluntary organisations to mention just a few.
Talk to your Landlord about delaying payment of the Rent .
It is worth asking.

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Taking care of business during Covid-19 – Further information
Please contact us if you require any further information or help with your
business. We have over thirty years experience in employment law in Ireland.
Our contact details are:
Web; www.employmentrightsadvice.ie
Email; info@employmentrightsadvice.ie
Telephone Office; 047 76378, Mobile; 086 2629233
Address;3 Canal Street, Monaghan, Co. Monaghan.H18 H732
Thank you for watching this presentation
We hope you found it useful. Thomas G. Myles.

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