The scheme consists of two streams of funding to enable viable but vulnerable firms of all sizes in the manufacturing and internationally traded services sectors to continue contributing to the success of the Irish economy.

The first stream, which will assist firms suffering liquidity problems as a result of the war in Ukraine, has been extended to 31st December 2023.

The second stream which will help those impacted by severe rises in energy costs has been extended to the 31st March 2024.

Under the initial Scheme, companies could apply for a minimum of €20,000 and a maximum of €500,000 under stream 1 and up to €2 million in the case of energy-intensive firms under stream 2.

Under the revised scheme the aid levels are to be increased to €2 million and €4 million respectively.

Minister Coveney TD, Minister for Enterprise, Trade and Employment said: “The Government continues to monitor the adverse effects of Russia’s illegal war of aggression in Ukraine on our economy.

We are acutely aware of the impact the situation in Ukraine is having on Irish businesses in terms of trading difficulties as well as the impact on energy costs.

The amended Ukraine Enterprise Crisis Scheme will continue to assist companies most exposed to and suffering the broader effects of the war in Ukraine.

The Scheme will continue to assist both agency and non-agency manufacturers, exporters and internationally traded services companies.”

Enterprise Ireland CEO Leo Clancy said: “Enterprise Ireland is helping Irish businesses to manage the economic impact of the war in Ukraine.

“The amended Ukraine Enterprise Crisis Scheme will continue to support businesses impacted by energy price rises and other direct consequences of the war in Ukraine and will require evidence of a strong focus on companies’ plans for future energy efficiency.”