Jackie Cahill (Tipperary, Fianna Fail)
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155. To ask the Minister for Enterprise, Trade and Employment if he will report on the Covid credit guarantee scheme; and if he will make a statement on the matter. [60794/21]

Leo Varadkar (Dublin West, Fine Gael)
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The COVID-19 Credit Guarantee Scheme is the largest scheme of its type in the history of the State and makes up to €2 billion in lending available to SMEs. Since its launch in September 2020 it has enabled vital access to loans for the SME sector. As of the 25th November, eight thousand, five hundred and fifty-six loans with a value of over €598 million have been drawn or sanctioned to SME businesses in all parts of the country. Many of these loans have been delivered to those sectors most impacted by the pandemic such as the wholesale and retail sector, accommodation and food services, and construction. These three sectors alone, account for forty-seven percent of the value of loans drawn. Over fifty-seven thousand jobs have been maintained as a result of the Covid-19 Credit Guarantee Scheme.

Loans of up to €1 million are available for up to 5.5 years. Loans under €250,000 do not require any personal guarantees or collateral. The Scheme has an 80 percent guarantee and is based on contingent liability. This means there is no cost to the State unless a participating enterprise is unable to pay back the loan for more than 90 days, whereupon the loan enters a default stage. The finance provider can then call on the guarantee for 80 percent of the outstanding balance.

The Scheme is currently available through three commercial banks, six non-bank lenders and nineteen credit unions thus providing competition in the market and a variety of loan products. This long-term policy goal of diversification adds competition in the market and ensures a wide range of loan products are available throughout the regions.

The Scheme is currently available until 31 December 2021 in line with European Commission’s State Aid Temporary Framework. The Commission recently announced the extension of the Temporary Framework until 30 June 2022 and a legislative amendment to extend the Covid-19 Credit Guarantee Scheme has been included in the Social Welfare Bill 2021, which is currently under scrutiny by the Houses of the Oireachtas.

Pearse Doherty (Donegal, Sinn Fein)
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156. To ask the Minister for Enterprise, Trade and Employment the measures he will implement to provide support to businesses in County Donegal affected by public health measures announced in response to the Covid-19 pandemic; and if he will make a statement on the matter. [60675/21]

Leo Varadkar (Dublin West, Fine Gael)
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The Government will continue to support businesses through these challenging times. We recognise the impact that the new measures will have on businesses in Donegal and other counties, especially in sectors such as hospitality, the arts and entertainment and the night-time economy sectors.

With this in mind, on Friday the Government announced a package of financial interventions for the hospitality, events and entertainment sectors. The package includes:

- a change to the CRSS or EWSS, details of which will be confirmed very shortly by the Minister for Finance

- an extension of the targeted commercial rates waiver at least until the end of March

- an extra €25 million from the Covid contingency fund applied to the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media, in particular to assist the live entertainment, arts and performance sectors.

As the Deputy will be aware, the PUP has also been reopened for workers who lose their jobs or have lost their jobs as a result of the newly announced restrictions.

Details of existing supports can be found on my Department’s website: Government supports for COVID-19 impacted businesses - DETE (enterprise.gov.ie).

Joe Flaherty (Longford-Westmeath, Fianna Fail)
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157. To ask the Minister for Enterprise, Trade and Employment if his Department will be providing new supports to businesses currently being impacted by public health restrictions. [60672/21]

Leo Varadkar (Dublin West, Fine Gael)
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The Government continues to support businesses through these challenging times and recognises the impact that the new measures will have on sectors such as hospitality, the arts and entertainment and the night-time economy sectors.

With this in mind, on Friday we announced a package of financial interventions for the hospitality, events and entertainment sectors. The package includes:

- a change to the CRSS or EWSS, details of which will be confirmed very shortly by the Minister for Finance

- an extension of the targeted commercial rates waiver at least until the end of March

- an extra €25 million from the Covid contingency fund applied to the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media, in particular to assist the live entertainment, arts and performance sectors.

As the Deputy will be aware, the PUP has also been reopened for workers who lose their jobs or have lost their jobs as a result of the newly announced restrictions.

Details of existing supports can be found on my Department’s website: Government supports for COVID-19 impacted businesses - DETE (enterprise.gov.ie).