The Stimulus is the next stage in Ireland’s response to the COVID-19 crisis and will help get Ireland’s businesses back on their feet and get as many people as possible back to work quickly.
What’s in the plan … For business
The Temporary Wage Subsidy Scheme is going to be replaced by an Employment Wage Support Scheme. Employers whose turnover has fallen 30 per cent will receive a flat-rate subsidy of up to €203 per week per employee. The scheme has also expanded, and now workers such as seasonal staff and new start up firms operating in affected areas will be included.
The Government had previously announced a €250 million restart grant, this is being more than doubled to €550 million and the upper limit for payments is being increased to €25,000; payments will also be available to those who already received a cash injection, through a top up mechanism, and some businesses like B&Bs who had been ineligible will be included.
The waiver of commercial rates will be extended to September, which will cost the government €60 million.
€55 million is being made available for small and micro companies, including measures to reduce rates and grants equivalent to 0 per cent in some loan products.
The Future Growth Loan Scheme is being expanded from €200 million to €500 million, with the support of the European Investment Bank, with businesses up to 499 employees eligible for longer-term loans at competitive rates.
The Covid-19 Credit Guarantee scheme is being expanded to €2 billion, as announced earlier this month.
There is a new apprenticeship incentivisation scheme which will provide a €2,000 payment to support employers to take on new apprenticeships in 2020.
There will also be subsidies of €7,500 paid to employers under a JobsPlus scheme, paid over two years to hire someone under the age of 30 who is on the live register or the pandemic unemployment payment.
Firms will also be allowed to delay payment of their PAYE and VAT debts in part or in full for a set period, with no interest or penalties.
There are funding packages for the seed and venture capital scheme (€10 million), another €10 million for the IDA, and €5.5 million for an online retail scheme, while the online trading voucher scheme will be expanded to €20 million. A €20 million Brexit fund for SMEs exporting and importing with the UK has been approved.
Further information on the plan is outlined in the document below.