Home » News » Government outlines further measures worth over €6 billion to support businesses impacted by Covid-19

Government outlines further measures worth over €6 billion to support businesses impacted by Covid-19

Published: 2nd May 2020

The Government has today agreed, at a special Cabinet meeting, a suite of measures to further support small, medium and larger business that are negatively impacted by Covid-19.

The further measures to support businesses impacted by COVID-19 in their planning for reopening include:

* A €2 billion Pandemic Stabilisation and Recovery Fund within the Ireland Strategic Investment Fund (ISIF), which will make capital available to medium and large enterprises on commercial terms.
* A €2 billion COVID-19 Credit Guarantee Scheme to support lending to SMEs for terms ranging from 3 months to 6 years, which will be below market interest rates.
* The ‘warehousing’ of tax liabilities for a period of twelve months after recommencement of trading during which time there will be no debt enforcement action taken by Revenue and no interest charge accruing in respect of the warehoused debt;
* The waiving of commercial rates for a three month period beginning on 27 March for businesses that have been forced to close due to public health requirements.
* Provision of a Restart Fund for micro and small businesses of €250 million for micro and small enterprises.

In addition, Minister Donohoe also welcomed the Banking and Payments Federation of Ireland announcement of an extension of payment breaks for businesses and households to 6 months for those requiring assistance which is being provided to bank and non-bank customers impacted by COVID-19.

It is essential that customers fully engage with their lender to avail of these extensions.

These measures, with a value of over €6 billion show Government’s commitment to supporting businesses.  

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