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Further measures to support businesses impacted by Covid-19 released

This illustration, created at the Centers for Disease Control and Prevention (CDC), reveals ultrastructural morphology exhibited by coronaviruses. Photo: Alissa Eckert, MS; Dan Higgins, MAMS.

In line with the reopening of the economy, the new package of measures aims to help businesses restart, reconnect, and rehire staff who have been laid off or furloughed.



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5 May 2020

The government on Saturday, May 2, agreed a suite of measures to further support small, medium, and larger business that are negatively impacted by Covid-19.

The Covid-19 emergency has had an unprecedented impact on the economy and society.

In line with the reopening of the economy, the new package of measures aims to help businesses restart, reconnect, and rehire staff who have been laid off or furloughed.

Those measures are:

  • A €10,000 restart grant for micro and small businesses based on a rates/waiver rebate from 2019.
  • A three-month commercial rates waiver for impacted businesses.
  • A €2bn Pandemic Stabilisation and Recovery Fund within the Ireland Strategic Investment Fund (ISIF), which will make capital available to medium and large enterprises.
  • A €2bn Covid-19 Credit Guarantee Scheme to support lending to small and medium-sized enterprises (SME) for terms ranging from three months to six years, which will be below market interest rates.
  • The “warehousing” of tax liabilities for a period of 12 months after recommencement of trading during which time there will be no debt enforcement action taken by Revenue.
  • A commitment to local authorities to make up the rates shortfall, so that local authorities can continue provide full services to the public.
  • The provision of a Restart Fund for micro and small businesses of €250m for micro and small enterprises

“I welcome the announcement of the expanded Credit Guarantee Scheme. I have worked with my colleagues to ensure that our primary producers (farmers and fishers) would be included in the new scheme and I am now happy to confirm that they will. Cashflow and liquidity is a key issue right along the food chain and this Scheme will give confidence to all businesses that assistance will be available when required.”, said Minister for Agriculture, Food and the Marine, Michael Creed.

The Minister for Finance and Public Expenditure and Reform, Paschal Donohoe, said: “On top of the measures previously put in place by government, this suite of measures being outlined today is designed to build confidence, further assist businesses in terms of the management of their companies, and allow them to begin looking to the future and start charting a path forward for weeks and months ahead.

“We will continue to seek the best ways of supporting our people, and wider society, and rebuilding our economy so that we can get people back to work safely. We will do this by being cognisant of official public health advice and doing what is in the best interests of all our people.”

In addition, Minister Donohoe also welcomed the Banking and Payments Federation of Ireland announcement of an extension of payment breaks for businesses and households to six months for those requiring assistance which is being provided to bank and non-bank customers impacted by Covid-19.

It is essential that customers fully engage with their lender to avail of these extensions.

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