Paschal Donohoe (Dublin Central, Fine Gael)
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I wish to advise the Deputy that:

- The COVID-19 Credit Guarantee Scheme (CGS) was launched last September and is the biggest ever state-backed loan guarantee in Ireland. Its focus is to provide additional liquidity to businesses in a range of sectors. This has resulted in an increased diversification in loan products available to businesses and greater geographical reach for the COVID-19 CGS.

- While take up of the COVID-19 CGS is less than was foreseen this is due to the significant supports that Government has ensured are available for businesses, including the EWSS, CRSS, tax warehousing and the commercial rates waiver.

- An extra ‘restart’ week is payable to qualifying businesses under CRSS the week after the restrictions are lifted as an additional support to them in meeting the costs of reopening.

- The current tax warehousing schemes allow for the deferral of collection of certain tax liabilities during the period when a business has been unable to trade due to the Covid-19 related restrictions and includes the first full two monthly VAT period after the business resumes trading, and 12 months thereafter.

- There has been over €810m in lending approved to 7,080 businesses across State-backed loan guarantee schemes.

- There has been high demand for the Future Growth Loan Scheme and working with the European Investment Fund, this scheme was expanded in the 2020 July Jobs Stimulus and makes up to €800m in lending available to eligible businesses to support long-term, strategic investment, including in response to COVID-19.

- The SBCI COVID-19 Working Capital Scheme makes available working capital loans to help businesses to innovate, change or adapt in response to the pandemic. These innovations may include adjustments to ensure that a business can continue to operate safely.

In addition, the Tánaiste and Minister for Enterprise, Trade and Employment recently announced that the Small Business Assistance Scheme for Covid is open for applications through Local Authorities. It is available to companies, self-employed, sole traders or partnerships with a minimum turnover of €50,000 and not eligible for the CRSS, Fáilte Ireland Business Continuity Scheme or the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media’s Live Performance Support.