Carol Nolan (Laois-Offaly, Independent) | Oireachtas source

Go raibh maith agat, a Chathaoirligh. I wish all of the businesses which opened their doors this week the very best of luck. No doubt they will face many challenges, but I am hopeful this new Government will step up to the mark and realise how important our businesses are in terms of driving the local and national economies.

I also point out that the pandemic, and we continue to see the effects of it every day on our lives, brought home how bleak our towns and villages would have been without these business. They are essential, and it is only at times like this one sees how important our businesses really are. They need to be valued and given every support possible. Those are my opening remarks.

The Tánaiste is clearly aware there is a significant need for a substantial series of measures to provide stimulus to the SME sector, and indeed almost every other sector in our society. At the height of this pandemic, more than 54,000 employers had registered with Revenue for the wage subsidy scheme with more than 500,000 people receiving the payment under this scheme. The total cost was approximately €936 million and this points to the scale of the challenge we face. I note that the EU is willing to offer us access to recovery funds of approximately €2 billion in addition to other loans to stimulate business and enterprise. I welcome that, but the stark and alarming news is that Ireland's contribution repayments to the EU recovery package from 2028 to 2058 amounts to an unbelievable €18.7 billion, according to the European Commission. This will make Ireland the second highest net contributor in the EU after Luxemburg. Clearly, this must have some impact on long-term planning. It also adds significantly to our debts, which in turn decreases our capacity to borrow and create jobs in the real economy.

I welcomed the Tánaiste's predecessor's plan to create a €180 million sustaining enterprise fund for small businesses. This fund will provide between 25,000 and 50,000 short-term funding injections to eligible small companies to strengthen their ability to return to growth. Again, the problem is that many businesses cannot take up these schemes and grants, however good they may be, because the criteria is too restrictive. I have spoken to many businesses and because they do not employ the numbers to qualify for the supports they cannot get the supports. That is wrong and it needs to be looked at. We need to support as many businesses as possible and make sure that nobody is left out.

Will the Tánaiste commit to reviewing the issue in terms of businesses being locked out of schemes and grants with a specific view to increasing participation?

I also want to outline here today the serious problem with insurance companies. Many businesses closed their doors in good faith and are being left high and dry by insurance companies. Will the Tánaiste please engage with the insurance companies and with the Central Bank to put an onus on the insurance companies to play their rightful part in supporting our businesses?

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