Dáil Éireann Debate, Thursday - 19 November 2020
75. Deputy Niamh Smyth asked the Tánaiste and Minister for Enterprise, Trade and Employment the additional supports available for businesses which have experienced difficulties as a result of Covid-19 in counties Cavan and Monaghan; and if he will make a statement on the matter. [37528/20]
View answerI 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, including the Employment Wage Subsidy Scheme (EWSS), 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.
The Covid Restrictions Support Scheme (CRSS), was recently 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.
Also in Budget 2021, provision has been made for €10m in funding for the Online Retail Scheme next year. This Scheme is administered by Enterprise Ireland. Grants ranging from €10,000 to €40,000 will be awarded under the competitive scheme.
Enterprise Ireland has also developed a suite of supports in response to the current health crisis, such as:
- COVID-19 Business Financial Planning Grant
- LEAN Business Continuity Offer
- Sustaining Enterprise Fund (Available to EI and IDA clients)
Table 1 below provides details on the number of companies, in Cavan and Monaghan, that have been approved for funding under the Covid-19 supports provided by Enterprise Ireland
|
Offer By County |
No. of companies approved |
Approved € |
|
Cavan and Monaghan |
|
|
|
Business Financial Planning |
27 |
€134,120 |
|
Covid-19 Online Retail Scheme (1) |
6 |
€216,300 |
|
Covid-19 Online Retail Scheme (2) |
5 |
€199,496 |
|
Lean Business Continuity Voucher |
21 |
€52,500 |
|
Sustaining Enterprise Fund |
<5 |
€1,465,000 |
|
Grand Total |
|
€2,067,416 |
In order to provide financial assistance to procure expert consultancy advice on trading on-line, the Local Enterprise Offices (LEOs) offer a Trading Online Voucher Scheme.
The LEOs also offer COVID Mentoring and Training courses to help build resilience within small companies during the pandemic.
Table 2 below outlines the number of applications, approvals and participants in the LEOs Covid-19 schemes.
|
LEOs |
Business Continuity Vouchers 16th March to 11th November 2020 |
Trading Online Vouchers 1st January 2020 to 11th November 2020 |
Covid Mentoring 16th March to 11th November 2020 |
Covid Training 16th March to 11th November 2020 |
||||
|
Applications |
Approvals |
Value of Approvals € |
Applications |
Approvals |
Value of Approvals € |
Participants |
Participants |
|
|
Cavan |
368 |
345 |
650,000 |
172 |
137 |
327,804 |
93 |
756 |
|
Monaghan |
226 |
224 |
362,319 |
131 |
108 |
252,696 |
40 |
864 |
IDA Ireland’s Business Continuity Support for companies impacted by Covid-19 is open to all IDA clients. The purpose of this support is to provide consultancy and training support to client companies of IDA Ireland to manage their operations and recover their business during this pandemic. To date IDA Ireland has not received any applications for Business Continuity support from clients in Counties Cavan or Monaghan.
In addition to their existing programmes, InterTradeIreland also has a number of specific Covid-19 programme supports and a series of online webinars and a business collaboration platform:
- the Emergency Business Solutions: allows eligible companies to avail of professional advice. 435 voucher approvals have been made to the value of €978,750
- E-Merge programmes: provides consultancy support to assist companies develop online sales and eCommerce solutions. 459 voucher approvals have been made to the value of €1.28m
Data on these schemes is not available on a county by county basis.
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.
