July Stimulus Package announced
The main features of the July Stimulus Package are shown below. As more details are published will issue further updates:
- 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.
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