Seanad debates

Friday, 24 July 2020

An tOrd Gnó - Order of Business

 

10:00 am

Photo of Timmy DooleyTimmy Dooley (Fianna Fail) | Oireachtas source

I would like the Leader to give consideration to organising a debate on the stimulus package announced yesterday. There will be a serious injection of capital with some €5.4 billion going into the economy to try to address the very significant fallout from Covid-19. I understand that this is the largest amount - or wall of money, as I heard one commentator refer to it today - ever injected into our economy. Additionally, more €2 billion in loans will be guaranteed to a great extent by the State.The real objective of this has to be to pump-prime our economy. A debate here would be helpful because we need to tease out some aspects of this. We cannot allow, as often happens, red tape to get in the way. I have already had some people on to me from bed and breakfast businesses who were initially delighted to see a recognition of the impact on their sector but who are now concerned, since they may not be registered with Bord Fáilte, that they will not be able to be accommodated.

There is also the temporary wage subsidy scheme. Companies applying for the scheme will have to demonstrate that they have been impacted to the extent of a drop in activity of a minimum of 25%. What we do not want is companies ensuring they remain below that threshold in order to get the payment.

We need a debate here to try to ensure a degree of flexibility and a capacity to appeal certain decisions in respect of the payment of these sums because their whole purpose is to try to get people back to work rapidly and get activity going again. It is absolutely necessary to ensure some flexibilities in respect of the various criteria. Of course there must be criteria, and their purpose must be to assist companies that are affected to the greatest extent. However, if one company has seen a drop in turnover of 25% and is entitled to the wage subsidy scheme, and if another company has seen a drop of only 24.5% and gets nothing, there is an anomaly there that needs to be addressed. We must therefore be very careful in the application of the necessary criteria. A debate would help to clear up some of the potential confusion that might emerge.

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