Cormac Devlin
Question:63. Deputy Cormac Devlin asked the Tánaiste and Minister for Enterprise, Trade and Employment the status of efforts to support orphan companies. [30230/21]
View answerThursday, 3 June 2021
Questions (63)
Written answers
I am acutely aware of the difficulties that the necessary ongoing Covid-19 restrictions are putting on businesses right across the country.
With this in mind the Government has put in place a comprehensive package to help businesses and workers during the pandemic, including the Employment Wage Subsidy Scheme (EWSS), the Pandemic Unemployment Payment (PUP), the COVID-19 Restrictions Support Scheme (CRSS), the Small Business Assistance Scheme for COVID (SBASC), low-cost loans, the deferral and warehousing of tax liabilities and the waiver of commercial rates.
Budget 2021 provided 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 schemes are there to help meet fixed costs that cannot be avoided and to provide basic weekly income support up to maximum of €350 per week. They are not created to provide compensation for loss of personal income above this level or compensation for loss of profits for any sector.
We announced the new Economic Recovery Plan this week, with €4 billion of stimulus to fuel the economy and businesses to recover and rebuild.
The Plan also outlined a number of changes to the current financial supports as public health restrictions unwind, assuring that the CRSS will remain in place for businesses that have to stay closed. For businesses re-opening in June and July, they will receive a double payment for the first three weeks upon reopening up to a maximum of €30,000. This will help firms with cashflow and to restock and re-engage with staff.
The EWSS is being extended until the end of 2021, the commercial rates waiver will continue during the third quarter of this year for those availing of it, the 9% VAT rate will be extended until the 1 September, 2022, tax warehousing is being extended until the end of the year and will be interest free in 2022, the PUP will be closed for new entrants from 1 July of this year and will be gradually phased out from 7 September.
A new additional, more streamlined business support scheme, the Business Resumption Support Scheme, will be introduced in September 2021 for businesses with significantly reduced turnover as a result of public health restrictions. More details will be announced shortly.
I would urge business owners to seek the supports outlined above if they have not already done so. I would also suggest they contact their Local Enterprise Office who can signpost them and advise them of supports that may be available for their business.
Question No. 64 answered with Question No. 43