Ms Jean McCabe:

I thank the committee for inviting me to participate in today's session. Fashion, retail and tourism have been significantly impacted, given their stock holding for the time of year. The Deputy's constituent who owns a children's clothes store was probably at her peak stock level due to new season stock coming in. There would have been a payment plan in that regard over the following three or four months, but obviously the business was closed. To reiterate the point made by Mr. Moran on not getting into more debt, many businesses, especially in the fashion industry, are reopening with significant debt because they were at their highest point of stock holding when businesses were forced to close. Taking on more debt is not an option because the trading environment going forward will be quite difficult. I am in the fashion business and have spoken to colleagues who are in the occasion wear sector. The challenges facing them are so great that they are at their wit's end as to whether to continue trading. That reinforces the point made by Mr. Moran on the need for quick action. Businesses need cash and liquidity now. That will feed back through the supply chain.

The important point is that the Government measures thus far have been drip fed. There have been continuous small stimuli, but they have not really instilled confidence.

This is part of the message that the committee needs to give the business community and small and medium-sized businesses. The committee should remember that SMEs employ more people than anyone else in this country. We are dotted around the four corners of Ireland. We are the supporters of every GAA club, Sláintecare and local charities. We give back more than anyone else. An employee is not a number. Employees are our brothers, sisters and neighbours. It is important that the sector is recognised as the backbone of the Irish economy. It needs to be treated in this way. I heard the chairman of the Irish Fiscal Advisory Council, Sebastian Barnes, say the same thing. He said the SME sector would determine how quickly we get out of this crisis. That is really important. Until now, the SME sector has not been part of Government policy. It has been a secondary thought. Everything is export-driven and about foreign direct investment. Right now, the domestic economy is where the opportunity is and this sector really needs support.