Dáil Éireann Debate, Tuesday - 16 June 2020
447. Deputy John Lahart asked the Minister for Business, Enterprise and Innovation the number of businesses that have drawn down funds under schemes (details supplied); the steps she has taken to ensure companies here are aware of other schemes available from the EU; and if she will make a statement on the matter. [11345/20]
Amharc ar fhreagraThe Deputy will be aware that the EU Commission has developed a Temporary Framework for State aid measures to allow member states certain flexibilities to put in place short term, targeted responses to the impact of COVID-19 on their economies. Ireland’s Sustaining Enterprise Fund Scheme is available until the end of the year which is a timeframe set within the EU Commission’s Temporary Framework. The nature of the business supports under this framework is a matter for individual member states and is dependent upon the different size of economies and targeted sectors of the economies.
There is a limited amount of resources available and a broad range of businesses with different needs for support. I am looking to achieve the widest reach within the available Exchequer funding as urgently and as quickly as possible. The loan guarantee scheme structures, for example, are a key response to the liquidity crisis, as they allow Ireland to leverage Exchequer monies to provide much larger funds to businesses, in particular where it is feasible to access counter guarantees through the European Investment Bank. Supports to businesses, including grants, provided through the Exchequer funding should support viable business across all sectors and across the variety of needs.
The Sustaining Enterprise Fund is just one part of the wider €12bn package of supports for firms of all sizes, which includes the wage subsidy scheme, the pandemic unemployment payment for the self-employed, grants, low-cost loans, write-off of commercial rates and deferred tax liabilities, all of which will help to improve cashflow amongst SMEs.
The €250m Restart Grant gives direct grant aid to micro and small businesses to help them with the costs associated with reopening and re-employing workers following COVID-19 closures. The grants are equivalent to the rates bill of the business in 2019, with a minimum payment of €2,000 and a maximum payment of €10,000.
Full details on all of the COVID-19 supports for business, that are administered by the enterprise agencies and other bodies on behalf of my Department, are available at: https://dbei.gov.ie/en/What-We-Do/Supports-for-SMEs/COVID-19-supports/.
Details of the uptake of these supports are updated every week on my Department’s website at https://dbei.gov.ie/en/Publications/Publication-files/Take-up-of-DBEI-COVID-19-Business-Supports.pdf.
