Dáil Éireann Debate, Tuesday - 14 July 2020
40. Deputy Paul McAuliffe asked the Tánaiste and Minister for Business, Enterprise and Innovation the amount of funding provided to businesses under the business restart grant; the number of companies that have received funding; and if he will make a statement on the matter. [15804/20]
Amharc ar fhreagraThe Restart Grant was launched on 22 May 2020 and is a critically important tool to support small businesses to reopen their doors and get back on their feet. Grant payments available range from a minimum of €2,000 up to €10,000 available. The scheme was devised in recognition of the fact that micro and small businesses were and are particularly vulnerable to the economic effects of Covid-19.
Using funding allocated by my Department through Enterprise Ireland for the Scheme, the Local Authorities are the granting authority in each of their respective areas in accordance with the criteria for the Scheme and the Local Authorities make grant payments to the bank account of qualifying businesses, in accordance with the scheme.
The Restart Grant is just one part of a wider assistance package for business and 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. Within the funding available so far, the priority has been to assist those who have suffered most, including closure of the business, but whom will still have incurred ongoing costs.
As of 10 July 2020, 40,506 businesses have applied for €141.7 million in grants. A total sum of €94,795,163 in grants has been disbursed to businesses by local authorities to date, in respect of 23,326 applications.
A further sum of €15,044,550 is due to be paid in respect of applications which have recently been approved.
The Restart grant scheme has been broadly welcomed by those businesses which have benefitted. However, the July stimulus package, among other things, needs to help all firms meet the fixed, non-wage costs incurred during lockdown and in re-opening. Our current Restart Grant is a significant help and I am keen to widen and deepen its impact. That is why a review has commenced to identify the effectiveness of the Scheme and also, in line with an undertaking given in the Programme for Government, to carry out a general review of the Restart Grant which will be concluded shortly.
