The government has released the full text of its July stimulus package, which aims to accelerate economic recovery from the impact of Covid19. Below are the points which are most relevant to our clients. This summary was originally published on IrishTimes.com on July 24th 2020. Please see Gov.ie for the entire publication.
– Pandemic Unemployment Payment (PUP) will run until April 1st. Closes to new entrants from September 17th. Will be cut in line with past incomes.
– Qualifying employers to get €203 weekly subsidy per employee from September 1st until March 31st. Seasonal workers and new hires covered.
– Six month fall in higher VAT rate to 21 per cent, beginning September 1st, costing €440 million.
– A “staycation” tax voucher worth €125 to encourage off-season holidays in Ireland.
– Up to €25,000 worth of “restart” grants. Previously ineligible businesses, such as B&Bs, will be covered.
– Commercial rates waiver to continue until September, costing €60 million.
– Maximum Help-to-Buy relief for home buyers rises by €10,000 to €30,000.
– Interest rates on tax debts to fall to 3 per cent for those struggling to pay.
– Bike-to-work scheme extended, including €1,500 limit on ebikes.
– Cheap loans for businesses with up to 500 people, plus a €2 billion credit guarantee scheme.
– Businesses to get €2,000 for each extra apprentice they take on, plus a two-year €7,500 JobsPlus subsidy to hire under-30s who are currently unemployed, or on PUP.
– PAYE and VAT payments can be delayed, with no interest or penalties.
– Measures to encourage start-ups.
– A €25 million fund for arts and culture
– €500million budget for smaller “shovel ready” capital projects, such as schools.
– €100 million energy retrofitting budget, plus €60 million to refurbish vacant local authority houses.
