A masterplan needs to be created for small and medium enterprises to help them"rebound" from the Covid 19 crisis, and to protect the economic future of the State.
This is the view of Fianna Fáil senator, Ollie Crowe, who said “greater urgency" is required from the Government to provide "reassurance" to the 250,000 such SMEs "across the country, currently unsure of their long term business viability".
While Sen Crowe said it is right that the focus be on maintaining our health systems and taking the necessary precautions to flatten the curve, medium to long term planning is also vital. "We need to make preparations for our economic future and SMEs have to be the highest priority in that regard," he said.
'Our SMEs are strong enough to recover but the reality is that recovery will, for most, take a considerable period of time'
Sen Crowe was critical of the supports currently in place, describing them as "relatively limited in terms of both scale and financial resources". He instead wants to see a comprehensive economic package, which will include a significant reduction in both VAT and Employers PRSI. He also wants to see Ireland follow Germany's example and introduce a grants scheme to allow business owners boost liquidity.
Senator Crowe said ensuring affordable credit supports were in place for SMEs was also necessary. "The majority of SMEs currently have little to nothing coming in revenue but continue to have significant outgoings," he said. "Our SMEs are strong enough to recover but the reality is that recovery will, for most, take a considerable period of time.”
