New supports for businesses hit by the latest COVID restrictions have been announced.

The Employment Wage Subsidy Scheme is to be reopened for businesses that record a loss in turnover of 30% or more.

Meanwhile, the COVID Restrictions Support Scheme will be available to all hospitality businesses that are closing due to the new restrictions.

It is also open to those who remain open if their turnover is less than 40% of what it was in 2019.

The measures will cost around €100m for the month of January.

Public Expenditure Minister Michael McGrath said the supports are needed.

“I fully appreciate that these new restrictions have caused an enormous amount of anxiety and despair for workers and business-owners alike – many of whom will lose their job or their income as result,” he said

“That is difficult at any time but coming in the day leading up to Christmas and the New Year period makes it exceptionally tough. It makes it all the more imperative that we again act swiftly.”

Tax warehousing will also be extended for a further three months.

The Tánaiste Leo Varadkar said the supports are considerable – noting that the package is similar to the one that was in place for businesses during lockdown.

He urged all businesses to keep staff on the payroll if at all possible.

“I want to say to businesses, particularly in those hospitality sectors and the arts sector and entertainment sector, while your businesses are higher-risk locations than most other businesses or workplaces, you are not in any way to blame for this pandemic,” he said.

“The virus is to blame; these restrictions are necessary to protect public health but Government is on your side and we are here to support you and make sure your businesses survive and make sure that you are able to reopen because when the spring and summer does come, we are going to need your businesses and hospitality, arts, entertainment, aviation and tourism more than we ever did in the past.”

Guidance on the changes in the CRSS is due to be published later today.

With reporting from Sean Defoe