Press release
Tánaiste writes to every business in the country
From Department of Enterprise, Trade and Employment
Published on
Last updated on
From Department of Enterprise, Trade and Employment
Published on
Last updated on
The Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD is writing to every registered business in Ireland to thank them for their efforts to date in keeping people safe during the pandemic and to update them on changes to financial supports in light of the reopening.
The letter from the Tánaiste, which is issuing to approximately 225,000 businesses registered with the Companies Registration Office (CRO), acknowledges the pivotal role businesses have played in keeping people safe.
In the letter, the Tánaiste states:
"Businesses and employers have made a huge contribution to keeping us safe and now, thanks to your sacrifices, co-operation and the efforts of all our citizens, we are in a position to gradually reopen our economy and society. Our vaccination programme is on schedule. By the end of the week, nearly three million doses will have been administered and we expect to have 2.5 million people fully vaccinated by the end of July. We aren’t out of the woods yet and there will be bumps in the road but there is every reason to be hopeful again."
The letter sets out changes to the financial supports that are available to businesses as the country reopens, following on from the publication of the Economic Recovery Plan yesterday.
In the letter, the Tánaiste states:
"The government announced a new Economic Recovery Plan this week, with €4 billion of stimulus to fuel the economy and help you and your business to recover and rebuild. Across 2020 and 2021, €38 billion was provided to help us all to weather the pandemic. This is an unprecedented level of Government spending but we believe the best chance of rapid economic recovery, of returning to full employment, of avoiding tax rises or spending cuts – is for our economy to bounce back fast.
"There will be a number of changes to the current financial supports as public health restrictions unwind.
The Tánaiste also took the opportunity to update businesses on changes to examinership and the extension of provisions brought in to allow remote meetings.
In the letter, the Tánaiste states:
"The provisions to allow your business to hold virtual AGMs and creditor meetings have been extended until 31 December 2021. The extension of the period of examinership to 150 days will also remain in place until that date, as will the €50,000 threshold at which a company is deemed unable to pay its debts. We hope the continuation of these important measures will provide additional breathing space to those of you who are struggling. We are also updating the examinership process more generally and are aiming to introduce a new, more accessible and cheaper rescue process for small business before the autumn."
The Fair Deal Scheme is of interest to many business owners. The Tánaiste updated on changes which will ensure small family businesses and farms will be protected.
In the letter, the Tánaiste states:
"Finally then, I know the Nursing Home Support Scheme, commonly known as the Fair Deal will be of interest to many of you. The government has sought to design the Scheme in a way that will provide reassurance to people in their old age, while protecting small family business owners and farmers. To alleviate unnecessary financial pressures, we are extending the cap on contributions based on family-owned and family-operated farm and business assets at three years, where a family successor commits within the first three years of the person's time in care to working the farm or business for a period of six years. This means, regardless of the length of a person's stay in long-term residential care, the maximum contribution based on the capital value of a business will be 7.5% per year for three years only, where all the conditions of the scheme are complied with. This will provide significant protection for business owners, while ensuring those who need to be cared for in a nursing home, receive the help they need."