Dáil Éireann Debate, Wednesday - 11 November 2020
32. Deputy Niall Collins asked the Tánaiste and Minister for Enterprise, Trade and Employment the assistance that can be offered to a business (details supplied); and if he will make a statement on the matter. [35466/20]
View answerWe know the Level 5 restriction is having a significant impact on businesses. In order to reduce transmission of this disease quickly this decision was taken now so we can return to a lower level of the Living with Covid-19 framework.
I am keenly aware that businesses are making a massive sacrifice to protect their communities and I am committed to ensuring that the Government will offer as much assistance and support as possible.
Budget 2021 provides a significant package of tax and expenditure measures to build the resilience of the economy and to help vulnerable but viable businesses across all sectors. The measures in the Budget are in addition to those announced in the July Stimulus Package, including the Employment Wage Subsidy Scheme, cash for businesses, low cost loans, commercial rates waivers and deferred tax liabilities. Details of the wide range of COVID-19 schemes are available on my Department’s website.
Due to businesses having had to close, we have made changes to the PUP and the EWSS. The PUP includes an increase in the top rate to €350 for those who were earning in excess of €400 per week. The EWSS has also been aligned with the amendment to PUP, with the top payment increasing to €350 for those earning over €400.
We are providing more and cheaper loan finance through MicroFinance Ireland, SBCI and the new €2bn Credit Guarantee Scheme.
A six-month reduction in VAT was introduced, going down from 23% to 21%, and the 13.5% VAT rate down to 9% which will benefit the hospitality sector, together with a range of additional public capital investment measures to support the domestic economy.
Also in Budget 2021, the Covid Restrictions Support Scheme, was launched through Revenue, offering a targeted, timely and temporary sector-specific support to businesses forced to close or trade at significantly reduced levels due to COVID of up to €5,000 per week. The specifics of the CRSS are a matter for my colleague the Minister for Finance. I am working with my colleagues across Government to assist businesses impacted by COVID-19 and we will continue to keep the measures provided under review with the goal of supporting the lives and livelihoods of our people.
