Denis Naughten (Roscommon-Galway, Independent) | Oireachtas source

We need to continue a tapered wage subsidy scheme beyond June of this year, and deferring rates will not be sufficient. Rates need to be written off. Much work will need to be done on the provision of liquidity, particularly working capital for businesses.

To deal with risk, there will need to be a State-backed bond scheme. Banks should also be instructed to apply forbearance and to reset the covenant criteria to take into account the extraordinary circumstances that businesses are facing. This covenant issue will become far bigger during the year unless it is addressed now. The Government also needs to introduce direct reliefs in particular sectors, including for instance the restoration of the lower VAT rate scheme for the hospitality and tourism sector. There must be continued forbearance by Revenue in terms of allowing businesses sufficient time to repay parked VAT, PRSI and PAYE bills from earlier in the year. Will the Minister give an assurance that this will be provided?

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