Dáil Éireann Debate, Thursday - 15 October 2020
22. Deputy Richard Bruton asked the Tánaiste and Minister for Enterprise, Trade and Employment if he is satisfied that there are adequate frameworks in place to assist enterprises to undertake restructuring necessitated by Covid-19 or otherwise; and if he will make a statement on the matter. [29713/20]
Amharc ar fhreagraThe pandemic has caused untold damage to peoples’ lives and livelihoods. I know that many businesses have been severely impacted by the restrictions needed to ensure public health safety during the pandemic. Our response to COVID-19 will continue to support those businesses affected.
Budget 2021 provides 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 to restructure and transform their businesses and build resilience for the recovery.
The measures in the Budget are in addition to those announced in the July Stimulus, which was a substantial financial package to stimulate our economy worth more than €5 billion, with an additional €2 billion in loan guarantees for the new Credit Guarantee Scheme.
As of 9th October, 45,505 businesses had applied for the Restart Grant, with €155.2m approved. As of 9th October, 54,938 had applied for the Restart Grant Plus, with €273.4m approved.
As part of Budget 2021, the Exchequer allocation for our Department will increase by €252m and we are allocating €50 million to Enterprise Ireland.
In addition to the schemes and programmes available from my own Department, there are also a range of other measures announced in Budget 21 for enterprise and the SME sector. These include the introduction of the Covid Restrictions Support Scheme (CRSS) for businesses temporarily closed or who have significantly reduced turnover as a result of public health restrictions; the extension of the Employment Wage Subsidy Scheme; reduced VAT rate for the hospitality and tourism sector; extension of the Commercial Rates waiver and the extension of the tax debt warehousing scheme for employers and self-employed. These are all major elements in the overall package of assistance available for businesses.
I can assure the Deputy that Enterprise Ireland, Local Enterprise Office (LEO) and Údarás na Gaeltachta continue to be available to eligible firms to help with strategies, access to finance, online trading activity, reconfigure business models, cut costs, innovate, diversify markets and supply chains and to improve competitiveness.
The recently established SME Growth Taskforce meets for the second time tomorrow and will input to the National Economic Plan next month. The Taskforce and the National Economic Plan will further explore how to help SMEs at this difficult time.
