Bernard Durkan (Kildare North, Fine Gael)
Link to this: Individually | In context | Oireachtas source

43. To ask the Minister for Trade, Enterprise and Employment the extent to which he remains satisfied that the Covid-19 related supports provided are adequately addressing the negative aspects of Covid-19 on the economy and its ability to recover in the short to medium-term; and if he will make a statement on the matter. [35094/20]

Robert Troy (Longford-Westmeath, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

Budget 2021 provides a significant package of tax and fiscal measures to build the resilience of the economy and to help businesses across all sectors. It is unprecedented in terms of its scale at almost €90 billion.  This is in addition to the July Stimulus, which was worth more than €5 billion, including €2 billion in loan guarantees for the new Credit Guarantee Scheme.

The new payment structure for the Pandemic Unemployment Payment includes an increase in the top rate to €350 for those who were earning in excess of €400 per week.

The Employment Wage Subsidy Scheme is also being aligned with the amendment to the Pandemic Unemployment Payment, with the top payment increasing to €350 for those earning over €400.

The Covid Restrictions Support Scheme, known as CRSS, is now operational through the Revenue Commissioners.  It offers a targeted, timely and temporary financial aid to businesses forced to close or trade at significantly reduced levels due to COVID.  This can be up to €5,000 per week.

My Department is providing a wide range of grants, loans and advisory services to affected businesses. This includes more and cheaper loan finance through MicroFinance Ireland, SBCI and the new €2bn Credit Guarantee Scheme.

We have also announced a six-month reduction in VAT rates, down from 23% to 21%, and a reduction in the 13.5% rate to 9%, together with a range of additional public capital investment measures to support the domestic economy.

Government will continue to work to address suitable enterprise measures in the context of the evolving COVID-19 and Brexit challenges to our economy and our people.