Government Considers Support Package for Struggling Businesses in Ireland

The Irish government is set to deliberate on a support package aimed at assisting retail and hospitality businesses grappling with soaring operating costs. Prime Minister Simon Harris has underscored the administration’s commitment to alleviating the financial strain faced by businesses. The proposal, put forth by Minister of Enterprise Peter Burke, seeks to address the challenges exacerbated by the recent increase in the country’s minimum wage to €12.70. Additionally, the burdensome rate of PRSI allocation has further compounded the crisis for many businesses.

Funding for the support package is expected to be drawn from unutilized resources within the existing €257 million Business Support Scheme. Previously, businesses were able to claim up to 50% of the billing rate, capped at €10,000, resulting in a maximum grant of €5,000 for eligible recipients. Minister Burke’s proposal is anticipated to include further grants tailored to support eligible businesses within the retail and hospitality sectors. This move signifies a proactive approach by the government to bolster struggling businesses and stimulate economic recovery.

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