For full time professional workers in the Music Industry
SBASC - Small Business Assistance Scheme for Covid
This announcement was made yesterday (18/05/21).
The Tanaiste has extended eligibility for the SBASC scheme. This scheme previously only applied to ‘rateable premises’ but this has been removed for phase 2 which is expected to open shortly. We understand the application process for SBASC will be open from this Friday, 21st of May, and the deadline for applications will be the 21st July 2021.
Businesses with a turnover in excess of €50,000 and who meet the criteria for eligibility would be entitled to a grant payment of €4,000.
The Department for Enterprise, Trade and Employment are also relaunching the Micro Enterprise Assistance Scheme - previous eligibility for this scheme might exclude many business models in the Music & Entertainment sector, so we are waiting to see if eligibility will be aligned to SBASC.
Further Information can be found in the link below.
Minister Martin has announced the suite of measures to support the Live Performance Sector worth €50 million.
€25m new Live Performance Support Scheme
€14m new support scheme for live entertainment businesses (MEBAS)
€5m to local authorities for outdoor live performances
€5m capital supports for live entertainment sector
€1m to St. Patrick’s Festival
The new Music Entertainment Business Assistance Scheme (MEBAS) is the Minister’s response to MEAI’s consistent call for a blanket or ‘universal’ support to the sector.
This grant is to assist with ongoing fixed costs for businesses. Self-employed businesses whether sole traders, partnerships and incorporated entities operating exclusively within the commercial live entertainment sector are eligible to apply. The scheme is expected to open next month.
The main features of this new Music Entertainment Business Assistance Scheme (MEBAS) will see support offered by way of two levels of flat payments:
€2,500 for businesses with a VAT-exclusive turnover of €20,000 - €100,000;
€5,000 for businesses with a VAT-exclusive turnover in excess of €100,000.
We welcome the Minister’s acknowledgement of our request for this blanket support and the MEBAS grant will help a huge sector of the industry without the need for competitive process. We are cognisant that the scheme will not benefit everyone despite our repeated pleas that such a scheme should help look after the most vulnerable within the sector.
We are waiting to see the final draft of the scheme, to understand the finer details and see how this will benefit people in real terms, but we must welcome this hugely positive step in the right direction which was strongly supported and gallantly delivered by the Minister as the proper and just course of action.
MEAI will be meeting with Insurance Ireland on February 24th to discuss the struggles with insurance within the music and entertainment industry. MEAI will be discussing all types of insurance related issues. If you have any personal issues with insurance please inform us at email@example.com
MEAI had a very positive meeting with Minister Catherine Martin this morning. The Minister now fully understands the devastation in the industry and the need for urgent support. She is acutely aware of the financial problems and acknowledges that competitive funding supports so far do not reach everyone.
Minister Martin has set-up a coordinated approach with the Tanaiste, Dept of Business, Enterprise & Innovation, and the Department of Finance to find a solution in the next two weeks. Our CMEG proposal is being examined and considered as a template to find meaningful supports.
MEAI welcome this approach by Minister Martin and her understanding that supports need to be universal within the industry.
We had a very informative meeting with Brian Hayes, CEO of Banking & Payments Federation Ireland.
We discussed the situation in our industry and the range of supports available to people experiencing difficulties with Mortgage & Loan repayments.
More information to follow shortly about supports and procedures but the key piece of advice is Engagement with Banks.