The mortgage market is undergoing change with a noticeable surge in the numbers of mortgage approvals given in the last quarter of 2020 October saw the highest monthly rate for over a decade.
Industry and Employment Correspondent
The Employment Wage Subsidy Scheme would cost an extra €3.7 billion if extended beyond March to the end of this year, Finance Minister Paschal Donohoe has confirmed.
Responding to a Parliamentary Question from Labour Finance Spokesperson Ged Nash, the Minister pledged that there would be no cliff-edge to the scheme, which he described as a key component of the government s response to supporting viable firms, and encouraging employment in challenging times.
He noted that the legislation governing the EWSS allows him to extend the scheme until the end of June 2021, subject to certain conditions, but indicated support would probably be needed for longer.
Business Editor
The Government says it has no plans to amend the criteria for the Covid Restrictions Support Scheme (CRSS) despite growing complaints from business groups that firms that need it are being excluded.
An increasing number of firms are being told that they do not qualify for the scheme, even though they are closed or have seen their turnover collapse due to Government imposed Covid-19 restrictions.
The CRSS was introduced in last October s budget.
It offers weekly payments of up to a maximum of €5,000 to businesses whose premises have either been forced to close or whose turnover has fallen by at least 75% compared to 2019 levels, due to restrictions.
€79m in wage subsidies repaid to Revenue last year
Updated / Friday, 22 Jan 2021
18:51
One firm repaid €6 million in Covid-19 wage subsidies to the Revenue Commissioners last year.
That is according to new figures provided by the Minister for Finance, Paschal Donohoe, who has confirmed that 5,195 employers repaid a total of just over €79m last year as part of the Temporary Wage Subsidy Scheme (TWSS).
In a written Dail reply to Social Democrat co-leader, Catherine Murphy TD, Minister Donohoe stated that the top ten repayments ranged from €6m down to €1.4m and span various sectors of the economy .
Over 664,000 employees and 66,500 employers received €2.8bn in subsidies through the scheme which has since been replaced by the Employment Wage Subsidy Scheme (EWSS).