Taoiseach says maintaining pandemic supports for ever not tenable irishtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from irishtimes.com Daily Mail and Mail on Sunday newspapers.
Minister for Finance Pascal Donohoe.
âThese figures suggest that, while companies have indeed managed to adjust to the realities of the pandemic, this adjustment for many reasons has not been enough to avoid companies experiencing losses,âMr Makhlouf said.
âPolicymakers have acted to support vulnerable businesses and, thankfully, the pandemic has not yet been characterised by widespread company failures, owing to the unprecedented level of direct fiscal support and creditor forbearance that is in the system,â he said, while noting the important role the SME sector as an employer in the economy.
Restrictions
Also speaking at the same event was Minister for Finance Paschal Donohoe, who said the Irish economy was less impacted by the current restrictions this time around because consumers and businesses have adpated and adopted workarounds.
The research also shed light on how effectively SMEs have cut their overheads in the face of a curtailed trading environment, noting that company expenditure fell by 8.5 per cent on average, with 40 per cent of companies cutting their spending.
Over 36 per cent of firms made a loss, while another 30 per cent âbroke evenâ in 2020, it said.
âThese figures suggest that while companies have indeed managed to adjust to the realities of the pandemic, this adjustment for many reasons has not been enough to avoid companies experiencing losses,âMr Makhlouf said.
âPolicymakers have acted to support vulnerable businesses and, thankfully, the pandemic has not yet been characterised by widespread company failures, owing to the unprecedented level of direct fiscal support and creditor forbearance that is in the system,â he said