The measures being launched today in the July Stimulus Package are designed to do 4 things:
1 Backing Ireland’s Businesses
• A new Employment Wage Support Scheme will succeed the Temporary Wage Subsidy Scheme, and run until April 2021.
• 0% interest for first year of SME loans
• Restart Grant for Enterprises is being extended and expanded.
• The waiver of commercial rates extended until end-September 2020
• A €2 billion Covid-19 Credit Guarantee Scheme,
• other business finance measures, including supports for start-ups
2 Helping People Especially young people, get back to work
• Extension of the Pandemic Unemployment Payment (PUP) to 1st April 2021
• €200 million investment in training, skills development, work placement schemes, recruitment subsidies, and job search and assistance measures
• 35,000 extra places will be provided in further and higher education.
• Further supports for apprenticeships
3 Building Confidence and investing in communities
• Financial Certainty through the Enterprise Wage Support Scheme, the Pandemic Unemployment Scheme, Rates waivers etc.
• €500 million investment in communities
• Investment in schools, walking, cycling, public transport, home retrofitting, and town & village renewal
• Tax measures including a temporary reduction in the standard rate of VAT
• Stay and Spend initiative
• Targeted measures for most vulnerable sectors
4 Preparing Ireland for the Economy of the Future
• €25 million Investment in Life Sciences
• Training and Skills Development
• €10 million to be provided under a New Green Enterprise Fund
• Increase in Seed and Venture Capital for innovation driving enterprises
• Additional supports for IDA promotional and marketing initiatives targeting jobs
• Additional supports to businesses to develop their online presence.
• €20 million Brexit fund to help SMEs to prepare for new customs arrangements
• Expansion of Sustaining Enterprise Fund scheme
For Full details of the July Stimulus package, please click here. If I can be of any assistance please do not hesitate to contact us:
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