Publication
Backing Ireland’s Businesses, Supporting and Creating Jobs
From Department of the Taoiseach
Published on
Last updated on
From Department of the Taoiseach
Published on
Last updated on
The Stimulus includes over €4 billion of direct expenditure and €1 billion of taxation measures to directly support businesses, as well as €2 billion in credit guarantees.
A new Employment Wage Support Scheme will succeed the Temporary Wage Subsidy Scheme, and run until April 2021.
Employers whose turnover has fallen 30% will receive a flat-rate subsidy of up to €203 per week per employee, including for seasonal staff and new employees. New firms operating in impacted sectors will also be eligible.
The Scheme is expected to support around 350,000 jobs into the beginning of 2021.
The Restart Grant for Enterprises is being extended to a broader base of SMEs and expanded by €300 million, bringing the total funding of the Restart Grant to €550 million.
The payment level is being increased to €25,000. Further payments may be available to firms which have already received them.
Some businesses not previously included in the scheme, such as B&Bs, will now be eligible.
With limited exceptions, all businesses will be granted a waiver of commercial rates for the six months to end-September 2020, at a total cost of €600 million.
The €2 billion COVID-19 Credit Guarantee Scheme will see Government provide an 80% guarantee for a wide range of credit products from €10,000 to €1 million up to a maximum term of 6 years.
A package of liquidity and enterprise investment measures worth €55 million will be put in place to support small and micro companies through additional resources for MicroFinance Ireland and the Local Enterprise Offices.
This will include measures to reduce interest rates on lending for micro and small businesses, including grants equivalent to 0% interest on the first year of SBCI and MFI loans.
The Future Growth Loan Scheme is being expanded by €500 million, bringing the scheme from €300 million to €800 million with the European Investment Bank Group, so businesses with up to 499 employees can invest for the longer-term at competitive rates.
A further €500 million will be provided to accelerate capital works across a wide range of areas. This will generate jobs economic activity across all regions of the country.
It includes:
In line with the government's commitments in the New Decade New Approach agreement, support will be provided to progress work on the harbour at Clones on the Ulster Canal, and for planning of the Sligo-Enniskillen Greenway.
The government is also committing to increasing capital expenditure in 2021 to €9.1 billion. This level of capital expenditure represents an increase of almost €1 billion or 12% on 2020 levels.