With the world and the economy still reeling from the Covid-19 pandemic, the government promises new schemes to boost business grants, as well as provide targeted financial support for certain sectors.
Varadkar promises more targeted Covid-19 supports
The economy will “bounce back” sooner than many people think, the Tánaiste has told the Dáil, but he added that the pandemic will leave “many scars” including lost jobs and livelihoods as well as lost lives.
Leo Varadkar said the Government “will extend in quarter two the vital financial supports in place for businesses including Covid-19 Restrictions Support Scheme (CRSS), the wage subsidy scheme and the Pandemic Unemployment Payment (PUP).”
He added that the Government “will also provide more targeted financial support beyond quarter two for sectors that have been particularly wounded by this pandemic, such as aviation, tourism, hospitality, the arts, and entertainment.”
Business leaders concerned at pace of Covid-19 vaccine rollout – IoD
33% of businesses say a slow roll-out of the Covid-19 vaccination programme is the single biggest risk facing their organisation, according to new research by the Institute of Directors (IoD) in Ireland.
An extension of Level 5 restrictions beyond next month is seen as the second biggest risk at 23%.
According to the research, 78% of business leaders believe the pandemic will have a negative impact on the bottom line of their business this year.
The findings of the IoD’s quarterly Director Sentiment Monitor, to be published in full at the end of February, reveals that 70% of business leaders expect most staff to return to the workplace in the second half of the year.
Government €160m Boost to Covid Business Grants
The Tánaiste and Minister for Enterprise, Trade, and Employment, Leo Varadkar T.D. today (Tuesday the 9th of February) announced €160m for measures to help businesses during the pandemic. These were agreed by cabinet today.
The Government has put in place a comprehensive package to help businesses and workers during the pandemic, including the Employment Wage Subsidy Scheme (EWSS), the Pandemic Unemployment Payment (PUP), the Covid Restrictions Support Scheme (CRSS), low-cost loans, the deferral and warehousing of tax liabilities and the waiver of commercial rates.
An additional €10m will be allocated to the Covid-19 Products Scheme to help in the fight against the virus. Firms researching or manufacturing PPE, sanitisers, tests, equipment or other medicinal products which are relevant to Covid-19 are eligible for funding of up to 50% of their capital costs.
For more Covid-19 updates, visit the Mark Kennedy & Co news page.