Support for business is critical in post COVID-19 recovery

Local Minister of State, Kevin ‘Boxer’ Moran, said the Government’s comprehensive package for businesses negatively impacted by COVID-19 is critical in the post-lockdown recovery.

“We have a roadmap to the ending of the lockdown and we must now focus on the recovery. Government has been acutely aware that the economy now needs careful nurturing to restore jobs and incomes again in the community.

“The Government has announced further measures to ensure that businesses can re-open their doors when the time comes, confident that they have the supports they need to get back up and running again.

“The package of measures aims to help our businesses to restart, reconnect and rehire staff who have been laid off or furloughed.”

“We now have a comprehensive suite of supports for firms of all sizes, which includes grants, low cost loans, write-off of commercial rates and deferred tax liabilities. This is in addition to the Wage Subsidy Scheme and €350 Pandemic Payment for self-employed,” Minister Moran stated.

These measures are

- A €10,000 restart grant for micro and small businesses based on a rates/waiver rebate from 2019;

- A three month commercial rates waiver for impacted businesses beginning on March 27th;

- A €2 billion Pandemic Stabilisation and Recovery Fund within the Ireland Strategic Investment Fund (ISIF ), which will make capital available to medium and large enterprises on commercial terms;

- A €2 billion COVID-19 Credit Guarantee Scheme to support lending to SMEs for terms ranging from three months to six years, which will be below market interest rates;

- Provision of a Restart Fund for micro and small businesses of €250 million for micro and small enterprises

- The ‘warehousing’ of tax liabilities for a period of twelve months after recommencement of trading during which time there will be no debt enforcement action taken by Revenue and no interest charge accruing in respect of the warehoused debt;

- A commitment to local authorities to make up the rates shortfall, so that local authorities can continue provide full services to the public

“I believe these measures are necessary to kick-start the economy again once the lockdown eases. These are difficult times for everyone but I believe the Government has put together the right measures to ensure that we can get back to full employment again.

“The commercial rates waiver, for example, is a very important response from Government. This will provide relief to impacted businesses as well as certainty to local authorities as to their funding.

“By working together, we are trying to minimise the damage to the economy so that people have jobs to go back to. The hard work of people and local communities has also ensured that we are getting to grips with this disease. We remain united in caring for one another under the most extreme of circumstances and our businesses are attempting to adapt to this new and most challenging environment,” Minister Moran asserted.

 

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