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Enterprise Policy

Dáil Éireann Debate, Wednesday - 15 September 2021

Wednesday, 15 September 2021

Questions (181)

Bernard Durkan

Question:

181. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment the extent to which he continues to monitor each trade and industry to identify how they are impacted by Covid-19 and Brexit; if he remains satisfied that adequate steps can be taken to address such issues in the short and medium-term; and if he will make a statement on the matter. [44174/21]

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Written answers

The officials in my Department continuously monitor Ireland's latest economic data to assess the state of the Irish economy in conjunction with other relevant information such as PUP and EWSS numbers, which includes the impact that COVID-19 and Brexit have had, and continue to have, on the Irish economy.

The Government has taken steps to ensure Irish businesses are supported while dealing with the changes being imposed due to both Brexit and the pandemic. These steps have included measures that dealt with immediate issues facing businesses such as large falls in turnover and also medium term issues such as how to manage the new custom situation that exists between trade between Ireland and Great Britain. 

In response to COVID-19 and the impact it has had on different businesses and sectors, the Government has intervened at unparalleled levels throughout all stages to help and support our people and businesses, as well as to limit the permanent effects of the pandemic. 

Across 2020 and 2021, €38 billion has been provided for COVID-19 related supports. This includes last year's €7.4 billion July Jobs Stimulus, and an additional €12 billion in Budget 2021. These have been vital in sustaining workers and businesses through the pandemic.

These supports include loans, grants and voucher schemes including:

- The COVID-19 Credit Guarantee Scheme that facilitates up to €2 billion in lending to eligible businesses.

- COVID-19 Business Loans made available through Microfinance Ireland that can range from €5,000 to €25,000.

- COVID-19 Working Capital Scheme that supports loans from €25,000 up to €1.5 million.

- The COVID Restrictions Support Scheme (CRSS) that offers support to businesses forced to close or trade at significantly reduced levels of restrictions imposed on them in response to COVID-19.

Now, with the continued re-opening of the Irish economy, we are entering a new phase of supports and policies as set out in the Economic Recovery Plan.

In this new phase, Government supports will: invest in businesses and workers; help people get back into work, training or education; provide enhanced and more targeted support for sectors that may lag behind; and, invest in infrastructure and reforms that enhance our capability and long-term capacity for growth.

It has been a similar situation for the impact the decision of the United Kingdom to leave the European Union has had on Irish businesses.

The Government has provided a range of measures to help businesses prepare and manage Brexit. This has included the Brexit Loan scheme, Microfinance Ireland Brexit Business Loan and a range of schemes being offered via Enterprise Ireland and Local Enterprise Offices.

In addition the Government has put in place a range of scheme to upskill staff in businesses to manage the challenges of Brexit which includes dealing with new custom procedures on trade between Ireland and Great Britain.  

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