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Of the approximately 300,000 Irish people who will be laid off due to Coronavirus, they will suddenly find themselves without a consistent income.
Though the government support of €350 per week is an increase on normal unemployment benefits, it will be a reduction in income for many, to the point of unsustainable when you consider the cost of living in Ireland and the financial commitments for most i.e. rent, bank repayments, loans and utilities.
With that in mind, there have been a number of measure put in place to ease the financial burden on employee's and the self-employed who have been let go as a result of COVID-19.
Disclaimer: Occupop is not a governing body or financial institution, this information has been collated from gov.ie, revenue.ie and various financial experts as at date of publication and is subject to change. Any information provided here is intended to inform rather than advise.
A number of measures have been put in place by banks, non-bank mortgage lenders, credit servicing firms and other lending institutions to help those who are adversely affected by COVID-19 and are unable to honour their financial commitments and repayments.
The main Irish banks and other lending institutions have agreed to a loan repayments deferral scheme. This will allow businesses to apply for a 3-month deferral of loan repayments. Banks and other lending institutions, at their own discretion, are creating applications for businesses to apply for these bank loan deferrals. Contact your appropriate institution directly to apply.
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Non-bank mortgage lenders and credit servicing firms have agreed to increased flexibility over mortgage payments, including the possibility of a payment break of up to 3 months for customers struggling to pay mortgages and loans due to the current crisis. This includes buy-to-let customers whose tenants are being adversely affected by COVID-19, allowing landlords to temporarily stop rental payment requirements. Contact your appropriate institution directly to discuss.
For renters, the government has introduced legislation to prevent both the termination of residential tenancies and any rent increases for the duration of the COVID-19 crisis. Should you be unable to pay rent due to the financial hardship, Rental Supplement is now available as a short-term income support to those in the private rented sector who are experiencing difficulty paying their rent. This is reviewed and administered by the Department of Employment Affairs and Social Protection and all information relating to this supplement can be found here.
Whilst the Commission for Regulation of Utilities (CRU) has also placed a ban on utility companies disconnecting domestic customers for non-payment to the gas and electricity suppliers. Contact your appropriate utilities company directly to discuss.
Note, your credit rating will not be affected by any of the above measures.
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We will be posting up regular updates and information for businesses, employees and the self-employed in regard to the Coronavirus. Follow us on LinkedIn to ensure you don't miss out on these updates.
There have been a number of measure put in place to ease the financial burden on employee's and the self-employed who have been let go as a result of COVID-19.
