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July Stimulus Package - Key Points

Jan 1, 1970
Summary: July Jobs Stimulus Package – Government’s response to COVID-19 The July Stimulus Package was announced by Government on 23rd July 2020 with the purpose of strengthening the economy which has suffered as a direct result of the COVID-19 worldwide pandemic. This package includes various  initiatives to alleviate the financial pressure on businesses and individuals alike. The Stimulus Package is mainly employment driven with the focus on job creation and retention and is estimated at an additional €7.4bn injection into the economy. The main supports available for businesses are as follows; 1.Employment Wage Support Scheme 2.Restart grant - Expansion 3.Credit Guarantee Scheme 4.Waiver of Commercial Rates 5.Taxation measures 6.Other business-related measures 7.Sustaining Enterprises Fund Scheme 8.Sustaining Enterprise Fund Scheme – Small Enterprises Supports for individuals 9.Pandemic Unemployment Payment 10.Other schemes and measures Supports for communities 11.Other schemes and measures affecting the public   BUSINESS SUPPORT MEASURES
  1. Employment Wage Support Scheme (EWSS)
  • Succeeds the Temporary Wage Subsidy Scheme (TWSS)
  • From 1 September 2020 up to April 2021.
  • Businesses that suffered a 30% reduction in turnover will receive a flat-rate subsidy up to €203 per employee per week.
  • Seasonal and new staff are now included.
  • New companies operating in COVID-19 affected sectors are also eligible for this scheme.
  1. Restart Grant - Expansion
  • Extended to a broader base of SMEs (including non-rated B&Bs and rateable sports businesses)
  • Expanded by €300m (total is €550m)
  • Maximum grant is increased to €25k.
  • Further payments may be available to businesses that have already received the grant previously. (Top-up)
  • Applications can be made through Local Authorities
  • Eligibility criteria:
Ø250 employees or less ØTurnover is less than €100k per employee ØTurnover has reduced by at least 25% due to COVID-19
  1. COVID-19 Credit Guarantee Scheme
  • Total amount available in this scheme is €2b
  • Scheme is time bound and initially made available up to 31 December 2020
  • Government will provide an 80% guarantee on loans
  • Loans from €10k to €1m

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