The Finance Minister Paschal Donohoe has said the Government is to consider the future of COVID-19 wage subsidy schemes.
He said they will look at both the COVID-19 Pandemic Unemployment Payment and Wage Subsidy Scheme in the next few weeks.
It comes after the Cabinet approved supports worth over €6bn for firms to get back to business after the pandemic.
It includes allowing companies to get a low-interest rate loan, a €10,000 restart grant for micro and small businesses and ‘warehousing’ of tax liabilities for a period of 12 months.
Minister Donohoe told On The Record that they will be considering changes to the subsidy schemes - since some businesses may still not be able to trade as the country re-opens in phases.
"We are going to be looking at the future of both those programmes in the next few weeks.
"What we will be looking to do is to change them in line with what is happening in our economy and with public health.
"You can appreciate that these are measures that are costing between €300m to €500m per week.
"And because of that, we need to get the balance right between them being affordable for our country overall, while of course appreciating they're making a massive difference to people who've either lost a job or are still in a job because of the Wage Subsidy Scheme".
He also responded to comments that while new supports have been outlined for businesses, these may not be implemented as they would require legislative changes.
Minister Donohoe said: "I know they are going to be needed soon.
"And even though we are not in position to implement them fully, because some laws have to be passed first, it's going to take us a number of weeks in any event to get the schemes up and running.
"And we can do all of that in advance then of the legislation passing".
He also said he would follow up on reports that some mortgage customers who were approved have since been refused, as they are now on the Wage Subsidy Scheme.
"The Wage Subsidy Scheme is being used by companies that, if we are successful is dealing with COVID - which I believe we will be - these are companies that we believe will be viable and will continue to be successful in the future", he explained.
