Many Irish businesses have found themselves in a new environment of restrictive procedures, extra costs for protective equipment and a feeling of uncertainty for their future.
A concern for all employers, is the sustainability of their business and therefore, job security for staff. Since July 24th, the government have released a new package which aims to protect existing jobs and create new and sustainable employment options. Covid19 has already had a negative economic impact for many people across the country and this has brought the need for such a package to ensure that our economy can stay alive and eventually return to a place of stability and growth.
The Job Stimulus Package has been designed to look at four areas of concern for businesses and offer a solution accordingly. These areas are:
1. Backing Business in Ireland
- A new Employment Wage Support Scheme will succeed the Temporary Wage Subsidy Scheme (due to finish at the end of August), 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 endSeptember 2020
- A €2 billion Covid19 Credit Guarantee Scheme, other business finance measures, including supports for startups
2. Helping 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 enterprises driving innovation
- 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
Although the finer details of various elements of the package are yet to be finalised, it is positive news from our government that supports are remaining in place for the foreseeable future.
If you need any information on the supports that are available to you, please speak with us today.