ESRI report: SMEs face revenue losses of up to €15bn this year

SMEs could face 'uncovered losses' this year of €4bn-€8bn.

Small firms face a “severe” loss in revenues of up to €15bn this year, meaning the Government will likely have to keep its business supports on the table as long as the Covid-19 health restrictions continue to threaten their survival, according to a new report by the Economic and Social Research Institute (ESRI).

Two in five so-called micro-firms, which employ a small number of staff, and one in two small and medium-sized firms suffered losses totalling up to €10bn alone during the three months to June, when the Covid-19 health restrictions were at their most severe.