The Government has today announced the July Jobs Stimulus, a €7.4bn package of measures designed to stimulate a jobs-led recovery and build economic confidence while continuing to manage the impact of Covid-19.
The July Jobs Stimulus will provide a boost to the economy, building confidence and moving us towards a more sustainable future across all of our regions. This is the next stage of the national recovery and will immediately build on the billions in supports already provided during the crisis.
Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD said:
“This has been a time of enormous stress and strain for employers and their staff. We’ve already pumped billions of euro into the economy through wage subsidies, the PUP, cash for businesses, low cost loans and commercial rates waivers. 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. It 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.”
Covid-19 has had an enormous impact on communities, businesses, families and individuals across the country. The priority of the Government remains the wellbeing of our people and communities. We are now increasing our focus on business and on getting as many people as possible back to work.
The measures being launched today 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
The July Jobs Stimulus is the next step in the Governments response to the Covid-19 pandemic. Later this year the Government will set out a National Economic Plan, to chart a long term, jobs-led recovery. It will set out how we secure our public finances in a world where we must live with Covid-19, while driving efforts to decarbonise our economy and prepare for the next phase of technological transformation.