Fianna Fáil TD for Mayo Dara Calleary has called for a temporary freezing on key bills such as bank loans, rates, rental payments, and utility bills as businesses in Mayo try to manage their finances and future during the COVID-19 outbreak.
Deputy Calleary said: "Ireland needs to raise its game to support our economy and local businesses. Yesterday we saw the UK pledging 15% of GDP to the effort while Ireland is only putting in place one per cent of our GDP in response to the outbreak of COVID-19. We need to see similar action here to support businesses in Mayo and nationwide. If we do not see this, I cannot see many businesses reopening in the coming months which will have long lasting negative consequences for towns and villages across Mayo.
"We need a substantial injection of liquidity into the market to maintain confidence and keep some level of spending functioning within the economy. While the State’s resources are limited, it is time for the Central Bank to take action and look at a managed introduction of liquidity.
"As well as liquidity, measures that can be taken now need to be taken such as demanding an immediate freeze of commercial loans/mortgages, an onus then placed on landlords to freeze commercial rents, a halt to commercial rates and large utilities bills for businesses. As well as this we should look to suspend tax payments for the self-employed until 2021.
"I understand the Government are engaging with the Banking and Payment Federation Ireland. These measures should be raised with this body so local businesses can survive.
"The Government need to deliver significant supports for businesses. My party colleagues and I will be putting forward proactive policies to support local businesses during this time,” concluded Deputy Calleary.