Ireland unveils 6.5 billion euro coronavirus business package

The spread of the coronavirus disease (COVID-19) in Dublin
FILE PHOTO – An empty street with construction cranes is seen as the spread of the coronavirus disease (COVID-19) continues, in Dublin, Ireland, April 25, 2020. Picture taken April 25, 2020. REUTERS/Clodagh Kilcoyne

May 2, 2020

DUBLIN (Reuters) – Ireland will allow firms impacted by the coronavirus crisis to warehouse tax liabilities for 12 months, offering a “lifeline” as part of an additional package of business supports that could reach 6.5 billion euros ($7.14 billion), the government announced on Saturday.

Commercial rates will also be written off for three months, a 2 billion euro credit guarantee scheme will be introduced for small and medium sized businesses and Ireland’s sovereign wealth fund directed to make 2 billion euros of equity available for bigger companies, Finance Minister Paschal Donohoe said in a statement.

Ireland concentrated its initial 8 billion euro fiscal response on increased jobless payments and wage subsidies for affected employees, with 1 billion euros of liquidity supports offered directly to reeling firms.

(Reporting by Padraic Halpin; Editing by Frances Kerry)

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