JOBS STIMULUS LAUNCHED BY GOVERNMENT
The government launches July Jobs Stimulus, a €7.4 billion 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 aims to provide a boost to the economy, building confidence and moving towards a more sustainable future. This is the next stage of the national recovery and will aim to build on the supports already provided during the crisis.
Launching the Jobs Stimulus, the Taoiseach, Micheál Martin said: “The stimulus package announced today will protect existing jobs while creating new and sustainable employment options in the months and years ahead. These measures will support small and medium businesses, give young people greater opportunities in training and education, support workers who have lost their jobs because of the pandemic and rejuvenate communities worst affected by the economic impact of the virus. This is a comprehensive plan which will boost the economy and bring confidence back to towns and villages across Ireland.”
JOBS STIMULUS
The measures being launched are designed to do four 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 €2bn 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
€200m 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
€500m 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
€25m Investment in Life Sciences
Training and Skills Development
€10m 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
€20m 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 Government’s 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 to secure public finances while living with Covid-19, while driving efforts to decarbonise the economy and prepare for the next phase of technological transformation.
The investment includes €113 million for active travel, public transport and renewal of transport infrastructure, €100 million investment in the Energy Efficiency National Retrofit Programme and €60 million for returning vacant local authority housing to use and investment in water infrastructure.
Denise Maguire Editor of Irish Construction Industry Magazine