Greater supports needed for businesses

Fianna Fáil's Brendan Smith says more urgent action is needed from Government to protect struggling SMEs in Cavan-Monaghan.

The Cavan-Monaghan TD says in order to protect “market confidence” as the country descends into an unprecedented economic shock due to the outbreak of COVID-19, “every opportunity” must be used to reinforce the key public health messages being advocated by the authorities. “We all have to work together to contain the spread of this virus. In addition, as a party in opposition, we have a duty to highlight what we believe has been a piecemeal, underwhelming and poorly executed economic response to date.”

In a little over a week unfortunately tens of thousands of jobs have been lost, businesses have scaled back or closed entirely and consumers are staying at home, bracing themselves for a potential cut in their household income. While the specific business supports already announced will provide some assistance, there is still a wide gap in the level of aid intensity and actions being taken in comparison to other European countries. “This does not bode well for businesses in Cavan-Monaghan who have closed their doors and are unsure when they may reopen.

“There is no doubt that the scale of our response has been below the average of other developed countries. Other small open economies such as Switzerland and New Zealand have undertaken fiscal packages of 1.6% and 4% of GDP respectively while Ireland's measures stand at just 0.7% of our GDP,” said Deputy Smith.

Calling for a Government package to support workers to remain in employment during the Covid-19 pandemic by rapidly increasing the subvention of wages, he says: “I have heard from businesses in Cavan-Monaghan, who need supports such as a waiver of 2020 commercial rates for all business effected by COVID-19 and to see the Government engaging with insurance providers to determine what damages they could cover - considering the unprecedented challenge facing SMEs.”
The local Deputy added: “There are major economic decisions to be made in the coming days and weeks that will either safeguard us through this period or plunge us into a recession. We should not be afraid to make bold decisions to protect our economy, our SME’s, and our people during this time.”