A STIMULUS package worth more than €7 billion has been announced by Government on July 23, which aims to stimulate jobs-led recovery and build economic confidence during the reopening of the nation as a result of the COVID-19 pandemic.
This package, which An Taoiseach Micheál Martin said every department and Minister had input in will help businesses and create jobs; support all get back to work – especially young people; build confidence and invest in communities; and prepare Ireland for a sustainable economy in the future.
Announcing the package, An Taoiseach said, “The unprecedented stimulus package we have agreed brings direct benefits for Ireland which will be set out more clearly in the coming months. However, far more important for us is that Europe has taken a decisive move to restore confidence and invest in recovery.”
The Fianna Fáil party leader said Government is not using “a one-size-fits-all approach” and that the package would “help businesses from the smallest up to the biggest employers through a mix of both general and targeted actions”.
The package sees an extension to both the Pandemic Unemployment Payment (PUP), and the Temporary Wage Subsidy Scheme (TWSS) which will continue up to April 1, 2020 and March 31, 2020 respectively.
Commenting on the Government’s July Stimulus Package, Patrick O’Donovan TD, Fine Gael, said, “Employers in Limerick whose turnover has fallen 30 per cent will receive a flat-rate subsidy of up to €203 per week per employee, including for seasonal staff and new employees.”
The Fine Gael Deputy noted new firms operating in impacted sectors will also be eligible, and the scheme aims to “support around 350,000 jobs into the beginning of next year”.
The Stimulus aims to provide a boost to the economy, building confidence and moving Ireland towards a more sustainable future across all of our regions. The package announced is “the next stage” of the national recovery and will immediately build on the billions in supports already provided during the crisis.
An Táiniste Leo Varadkar said through subsidies, the PUP, cash for business, low-cost loans and commercial rates waivers Government has “already pumped billions of Euros into the economy”.
He said, “We know these actions have made a difference. We’ve made enormous progress on suppressing the virus, and significant progress too on restarting our economy.
“More than 280,000 people have already got back to work. Repairing the damage wrought on the economy – and keeping the virus contained – is vital for the wellbeing of our people. Today’s stimulus package is the next step in our national recovery story.”
An Táiniste said the package is designed to “help businesses which haven’t reopened yet and those struggling to do so”.
“We have listened to businesses and responded with a package of scale and speed to meet their most immediate needs. Our main objective is to save jobs and create new ones.”
Read more about the July Stimulus here.