Small and Medium sized enterprises (SMEs) play a key role in the Irish economy, representing 99% of all enterprises and employing 70% of total employees. They have been severely impacted by the COVID-19 pandemic and their survival and recovery is critical to the economy.
In the immediate onset of the COVID-19 pandemic, BPFI member retail banks, non-bank and specialist lenders and credit servicing firms announced the availability of a payment break of up to 3 months which provided businesses with some breathing space as they addressed the challenges of dealing with their employees, operations, suppliers,customers here after and delivery channels, as well as their cashflow management.
An extension of up to a further three months to the payment break was announced on 30th April 2020 for borrowers that continue to be directly impacted by the fallout from the COVID-19 pandemic. This was followed on 18th June by an announcement that the European Banking Authority had extended the deadline date for new payment break applications to 30th September.
Please see the attached guide for
- COVID-19 Payment breaks and how it will affect your loan
- Accessing new or increased credit facilities and the type of information required in the COVID-19 environment
- Key COVID-19 Government supports available to businesses