A scheme introduced to help struggling businesses survive the Covid pandemic officially comes to an end today.
Since replacing the Temporary Wage Subsidy Scheme in September 2020, the Employment Wage Subsidy scheme (EWSS) has supported almost 52,000 businesses, at a cost to the taxpayer of over €10.5 billion.
The scheme ended for most businesses on April 30th, but some had remained on it - mainly those in the hospitality sector.
Minister for Finance Paschal Donohoe said now is the right time for it to end.
Mr Donohoe told Newstalk Breakfast that the wage subsidy schemes “played a crucial role in preserving employment and incomes and supporting businesses at a very challenging time during the pandemic".
“The success of the schemes is clearly evident by the employments supported, as well as how quickly our economy adapted and recovered following the lifting of public health restrictions,” he said.
“I signalled the end of the EWSS many months ago to give businesses sufficient time to plan and adapt as necessary, and I expect that many businesses have seen a resumption in their levels of trade.”
He added the extension of the 9 per cent VAT rate for tourism and hospitality should give “further support and clarity” to businesses.
