Dáil Éireann Debate, Tuesday - 14 July 2020
30. Deputy Marc MacSharry asked the Tánaiste and Minister for Business, Enterprise and Innovation the consideration his Department is giving to additional measures that may be needed to support the hospitality, retail, entertainment, arts and leisure sectors. [15801/20]
Amharc ar fhreagraAs the Deputy will know, many of the sectors referred to in the question relate to policy responsibilities of other Ministers but I am happy to outline my position on how best to assist enterprises in the current circumstances and into the future.
Firstly, I would remind the Deputy that much has already been done. Some of the supports already available include:
- the Temporary Wage Subsidy Scheme - under which the Government has invested almost €2 billion in supporting the maintenance of employment across the enterprise sector;
- the €250 million Restart Fund to help small businesses to reopen their doors and get back on their feet;
- a €2 billion Pandemic Stabilisation and Recovery Fund within the Ireland Strategic Investment Fund which is making capital available to medium and large enterprises;
- the 'warehousing' of tax liabilities for a period of twelve months after recommencement of trading during which time there will be no debt enforcement action taken by Revenue;
- relief on rates for three months for businesses that were closed;
- a €450m Working Capital scheme from the Strategic Banking Corporation of Ireland (SBCI); and
- an additional €200m Future Growth Loan Scheme (SBCI) to be released in tranches, providing longer-term loans to COVID-19 impacted businesses.
The full list of the business supports is available on my Department’s website.
My Department has developed a range of proposals which I have brought to the Cabinet Committee on Economic Recovery and Investment for consideration. These proposals, along with others from Ministerial colleagues, will be developed further for the Government’s consideration of an ambitious stimulus package which will be announced soon.
There are some welcome signs of improvement in business activity and the economy. However, sectors that employ a lot of people, such as tourism and hospitality, arts and entertainment and other services that rely on social interaction, remain in serious difficulty and their recovery prospects are highly uncertain. While we can’t keep every firm and job alive, our emphasis is to protect jobs insofar as we can.
It would be inappropriate to set out now the details of the proposals, but I can assure the Deputy that the Government will not be found wanting. Not only must we overcome the current challenges but we must also look ahead.
The July stimulus package to be announced shortly, will be radical, of scale and far-reaching. In considering the analyses, I see five areas in which we should focus on in helping our enterprises in the future.
1. Income supports for workers
2. Direct grants for businesses
3. Cheaper finance
4. New opportunities for future jobs
5. Support for the hardest hit sectors
The July Stimulus needs to help firms meet the fixed, non-wage costs incurred during lockdown and in re-opening.
