Brian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

I welcome the opportunity to speak on this Bill. The past five months have been a very difficult time for the economy and people of Ireland. Covid-19 has brought with it unexpected and unprecedented financial issues for many businesses which would otherwise have been sustainable. Many workers have been left in limbo, not knowing whether they will have a job to go back to. Sinn Féin therefore welcomes the Government's credit guarantee legislation which will make it easier for SMEs to access affordable credit. In May, we wrote to the Minister for Finance and called for legislation similar to the Bill the Government is now implementing. We are glad the Government has taken on board suggestions from Sinn Féin and listened to us. We are determined to be an effective Opposition and want to provide real solutions to deal with serious issues such as this.

A number of sectors are struggling in my constituency of Laois-Offaly, including the coach and bus industry, and the hospitality sector. Many pub owners have their backs against the wall, as do others in the retail sector. I have spoken to many people in these sorts of companies during the Covid emergency and in recent days. They have told me that what they need right now is grants. A large number of these businesses are already carrying substantial loans and the last thing they need is more debt. They are already struggling and cannot afford to take on extra debt. It is for that reason that Sinn Féin is calling for grants of up to €25,000 for those SMEs. There should be no interest accruing to loans under the credit guarantee scheme for the first 12 months. Thereafter, only low interest should apply, no more than 2.5%, as opposed to the current scheme where up to 5.5% is being charged. The rates waiver scheme, which has been successful in keeping businesses afloat, needs to be extended beyond 1 January 2021.

It is also essential that the wage subsidy scheme continue for businesses that meet the criteria and qualify for it. I stress that these schemes should mainly be for small and medium-sized businesses. Many large companies are able to leverage credit and capital from the banks and are thereby able to stay afloat. The loans and grants to which I am referring should only be for decent employers. If the State, using taxpayers' money, gives a helping hand to the private sector, employers must uphold their side of the bargain by continuing to pay fair wages and upholding decent conditions for workers. Employers should not use the emergency to slash the wages of workers. We know that is happening and I have heard complaints from workers that some businesses have not wasted a good crisis. It is unacceptable for a business to use this opportunity to slash the wages of workers even when it is availing of the wage subsidy scheme.

The Government should also implement the voucher scheme that Sinn Féin proposed a few weeks ago. Sinn Féin proposed a voucher scheme for families who take a staycation. The vouchers could be spent on anything in the hospitality sector, excluding alcohol. That would get tens of thousands of workers back into employment and give families a badly needed break.

Sinn Féin wants to make a positive contribution to the economic recovery, which will be difficult. We are glad that many of our proposals are being taken on board. That is good news. We need to stimulate the economy and get money circulating again. That will, in turn, generate revenue for the State through the universal social charge, PRSI, PAYE and VAT. It is important that we regenerate the economy and get it back up off its knees.

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