Dáil Éireann Debate, Wednesday - 29 July 2020
97. Deputy Catherine Murphy asked the Tánaiste and Minister for Business, Enterprise and Innovation the supports and or financial assistance business owners (details supplied) that have been forced to cease trading as a result of Covid-19 can avail of; and if he will make a statement on the matter. [19340/20]
View answerOn Thursday 23 July last we announced the July Stimulus Package to help get Ireland’s businesses back on their feet, to protect jobs and to create new jobs. These new measures are in addition to those already announced since the onset of the Global Pandemic. The July Stimulus is a substantial financial package to stimulate our economy worth more than €5 billion, with an additional €2 billion in loan guarantees. It is bigger in scale than most budgets and will be deployed at speed.
With the restrictions largely lifted, it is my hope that businesses such as hairdressers can now trade and generate income. Businesses may need help to do so.
So, we introduced a reduction in VAT, going down from 23% to 21%, together with a range of additional measures designed to stimulate domestic demand.
We are providing additional finance to the Local Enterprise Offices. We are providing more and cheaper loan finance. We have extended the wage subsidy scheme, which will now run until the end of March 2021.
We are also giving companies extra assistance to reopen and stay open through an enhanced Restart Grant of up to €25,000 available to more firms and more generous.
In light of these new measures, I would urge businesses to consider the range of supports now available. My Department has a dedicated call-centre and I would encourage businesses to make contact and explore options.
For businesses such as hairdressers the extension of the waiver on commercial rates will provide relief in terms of reducing the costs of reopening. Businesses should also engage directly with Revenue and to avail of the facilities they have in place for the warehousing of tax liabilities.
I recognise that a number of businesses face the risk of closure. Ultimately, it is for a company or, depending on circumstances, creditors of the company to decide what course of action to pursue when a company finds itself in financial difficulty. For companies in financial difficulty, the examinership process provides a protective mechanism for companies that have real prospects for the future but find themselves in financial difficulty at a point in time.
I would encourage all businesses to engage with their Local Enterprise Offices on the range of assistance that is now available, including advice for businesses that are in financial difficulty.
