The Irish Budget 2021 was the biggest yet and designed to get Irish business through Brexit and COVID-19. The Minister of Finance, Paschal Donohoe said “Budget 2021 has been prepared against a background of extraordinary uncertainty regarding near-term economic and budgetary prospects. Here are the key points:

• A new scheme for businesses which closed because of Covid-19 will provide a maximum of €5,000 per week - payments based on 2019 average weekly turnover. Effective from today until the end of March next year, with the first payments in mid-November 

• Debt warehousing provisions for SMEs will be extended for a period of a year with no interest. A €30 million fund will be administered through the Ireland Strategic Investment Fund 

• VAT rate reduction from 13.5% to 9% for hospitality sector 

• Extension of the commercial rates holiday 

• New Covid Restrictions Support Scheme (CRSS) 

• Extension of the Employment Wage Subsidy Scheme through 2021 

• €3.4bn Recovery Fund  

• €10.1bn infrastructure spending in 2021 

• Increasing Earned Income Credit up to €1,650 for self-employed – the same as the employee tax credit for PAYE workers 

If your business requires finance to help with your business budget for the year ahead, we’re here to help. Call 01 55 636 55 now.