Government announces jobs stimulus plan with additional supports for businesses
There are a range of business supports in the July Jobs Stimulus plan including 0% interest for first year of small-medium enterprise (SME) loans and a €2bn Covid-19 Credit Guarantee Scheme.
29 July 2020
The government has announced a July Jobs Stimulus plan with a €7.4bn package of measures designed to stimulate a jobs-led recovery and build economic confidence while continuing to manage the impact of Covid-19.
“The stimulus package announced today will protect existing jobs while creating new and sustainable employment options in the months and years ahead.”, said Taoiseach Micheál Martin.
“These measures will support small and medium businesses, give young people greater opportunities in training and education, support workers who have lost their jobs because of the pandemic, and rejuvenate communities worst affected by the economic impact of the virus. This is a comprehensive plan which will boost the economy and bring confidence back to towns and villages across Ireland.”, said Taoiseach Martin.
- A new Employment Wage Support Scheme will succeed the Temporary Wage Subsidy Scheme and run until April 2021.
- 0% interest for first year of small-medium enterprise (SME) loans.
- Restart Grant for Enterprises is being extended and expanded.
- The waiver of commercial rates extended until the end of September 2020.
- A €2bn Covid-19 Credit Guarantee Scheme.
- Other business finance measures, including supports for start-ups.
The July Jobs Stimulus is the next step in the government’s response to the Covid-19 pandemic. Later this year the government will set out a National Economic Plan, to chart a long term, jobs-led recovery.
Currently, Ireland is in Phase 3 of the easing of Covid-19 restrictions. Phase 4 is scheduled to begin on August 10 pending the government’s public health requirements are met to do so. The main changes will mean pubs, bars, hotel bars and casinos may reopen; and gatherings of up to 100 people indoors and 500 outdoors will be permissible.
For a full list of supports for businesses impacted by Covid-19, see here.