July stimulus: What does the plan mean for you?

There are funding packages for the seed and venture capital scheme , another €10 million for the IDA, and €5.5 million for an online retail scheme, while the online trading voucher scheme will be expanded to €20 million. A €20 million Brexit fund for SMEs exporting and importing with the UK has been approved.The Pandemic Unemployment Payment will be extended to the start of April, but gradually cut, and it will close to new entrants from September 17th, 2020.

The interest rate on tax debt repayments is going to be reduced to three per cent to help those struggling with these payments.

As flagged this morning, spending on non-alcoholic beverages, food or accommodation of up to € 625 will be rewarded with a tax credit of €125. The Taoiseach said the level of spending to begin the tax payback would be just €25, and it will be administered via an app. One of the major unflagged points is a new scheme that will allow firms that were previously profitable carry back trading losses early, leading to an immediate refund of some or all of their corporation tax.

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