Existing Covid-19 financial supports are too restrictive and need to be expanded in the coming months.
That’s according to Chambers Ireland who have called on the Government to substantially rethink and refresh the range of COVID-19 supports available to businesses over the coming months.
Speaking this morning, Chambers Ireland Chief Executive Ian Talbot said: “Wage supports and grant payments are helping qualifying businesses, but too few businesses qualify.”
Chambers Ireland said the Covid-19 Restriction Support Scheme (CRSS), for example, is limited to businesses that are 'public-facing,' thus excluding many businesses that have been directed to shut in the latest wave of restrictions.
Chambers Ireland said it raised these issues with the Department of Finance while the Finance Bill was being drafted in the Autumn.
“If CRSS itself cannot be revised immediately, then new payments that support businesses that have been forced to close are needed.”
“Without this intervention, the growing debt burden experienced by businesses will likely trigger a wave of insolvencies and job losses that will permanently scar local economies throughout the country.”
In addition, Chambers Ireland warned there cannot be “a cliff edge” to the supports available.
“Wage supports must be tapered off over a reasonable period of time, re-opening grants must be made available, and existing supports such a debt-warehousing and VAT reductions must continue.”