The Government has announced funding of €160m in additional supports for businesses affected by Covid-19. 

Some €60m of the money will go to businesses which have been unable to access Government funding until now, as part of the Covid-19 Business Aid Scheme (CBAS).

Wholesalers, caterers and event suppliers that are down 75% or more in turnover will be able to avail of this funding.

The new scheme will offer a grant of €8,000 for small businesses. 

An additional €10m will be allocated to the Covid-19 Products Scheme to help in the fight against the virus. 

Firms researching or manufacturing PPE, sanitisers, tests, equipment or other medicinal products which are relevant to Covid-19 are eligible for funding of up to 50% of their capital costs.

The Government also approved an additional €90m for the Sustaining Enterprise Fund, which offers funding of up to €800,000, with €200,000 or 50% in non-repayable grants to eligible manufacturing and internationally traded services companies.

The announcement came as the Minister for Finance said the various Government schemes to help businesses get through the Covid-19 pandemic are being reviewed.

Paschal Donohoe told the Oireachtas Budgetary Oversight committee that some of the schemes have been successful in releasing credit to particular kinds of companies.

But he acknowledged that in others, including the Credit Guarantee Scheme, there had not been as much drawn down yet.

As a result, he said he is looking at the schemes and their future as providing credit is an important priority.

The Tánaiste Leo Varadkar said the funding announced today is designed to help businesses that do not qualify for the weekly CRSS grant from the Revenue Commissioners or existing schemes in areas like the arts, transport and tourism.

"The Government has sought to help as many businesses as possible through wage subsidies and the many different grant and loan schemes we have put in place.

"A new Scheme, the CBAS, will help some businesses that aren't eligible for existing grants, largely due to the fact that the premises they operate from have not been closed to the public," the Tánaiste said.

The Government said it expects the CBAS will help approximately 7,500 businesses.

"While the grant is modest it will be of substantial assistance to smaller businesses with some of their fixed costs like rent, utilities and security," said Mr Varadkar.

The Government said it is finalising the details of the scheme and it will open for applications shortly.

The Small Firms Association has welcomed the Government's latest support measures.

Sven Spollen-Behrens, Director of the SFA, said the Government has listened to their feedback.

"The Government has responded to the needs of small business owners in the supply chain who have lost revenue and sales but have been excluded from the Covid Restrictions Support Scheme or do not qualify for other business supports," he said.

Mr Spollen-Behrens urged the Government to finalise the details of the Covid-19 Business Aid Scheme as soon as possible.

"We press the Department of Enterprise, Trade and Employment to work closely with the grant handling agency to get these funds out to business in a fast and timely manner," he said.

The CBAS announcement was also welcomed by Chambers Ireland.

But it said it awaits more information on when applications will open, how the new scheme will be distributed and what the rates of payment will be.

It added that too many of the supports made available to date have had over-complicated qualifying structures which has led to sub-optimal uptake.