Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

Specifically, the findings of the report estimate that the share of firms making losses throughout 2020 and 2021 could have been around one third higher if supports were not available. It finds that in the absence of the extensive supports provided by the Government to SMEs, the distress rate for companies would have been 72% higher.

Moreover, by 2024, without the support that we had in place, the distress rate is estimated to be around 20% higher relative to the baseline. In respect of what happens beyond this, this answer provides the backdrop to the phasing out of the employment wage subsidy scheme, EWSS, that is now in place. As the Deputy and the House is aware, we are now in the final phase of the first reduction of EWSS. Companies who were receiving up to €350 per employee will now be receiving up to €203 per employee and that will now move to €100. The same process will then happen to companies four weeks later which were affected by the December public health regulation requiring companies to close at 8 p.m., such as restaurants and so on. That will provide the backdrop to the phased exit from EWSS.

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