Deciding to avail of Income Support

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For businesses availing of the wage subsidy scheme we recommend that you maintain documentary evidence to support your entitlement to the scheme:

Companies should maintain minutes of a directors meeting. (If directors social distancing from each other, this can be held by phone/video conferencing).

Document what evidence was reviewed when assessing the likely projected turnover and inability to meet overheads;

  • Look at up to date bank balance & have attached to minutes;
  • Do up projections for Q2 (e.g. If no or minimum orders in now, then unlikely to be many during the next period)
  • Estimate your monthly running costs & loan repayment capabilities;
  • If you have approached bank for forbearance document this fact;
  • Show if Directors have taken pay cuts;
  • Documenting the fact that customers are not paying – O/s debtors;
  • The trade has ceased at time of going into it;
  • The costs versus the expected T/O during the period;
  • Up to date management accounts (if available).