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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