Dear Chamber Member,
I hope you, your families, friends and colleagues are all well.
Friday's announcement by Government included the welcome expansion of Phase 2, reopening of the economy and society, and a reduction from 5 phases to 4.
The full return of retail in Phase 2 and the return of the hospitality sector on June 29 are immensely welcome and will provide a boost for our towns and city. The extension of The Wage Subsidy Scheme to August and the increase funding to the Trading Online Voucher Scheme will help ensure the continuity of business for the summer months.
However, it is clear that despite all that has been done to support businesses through the restrictions and in preparation for reopening, there are immense challenges ahead.
The results released today from the 4th national survey of businesses leaves little doubt that Government need to put sector specific plans in place to help businesses get back on their feet, and that these plans must have a long term outlook.
SMEs, who are important employers across the Cork region have been worst hit. Many self-employed and sole traders have closed entirely, and invoice arrears are increasing, contributing to growing debt levels. If businesses are to stay trading and retain jobs, we need to see further financial intervention to support SMEs – and these supports need to address cashflow and overheads which are proving to be an increasing challenge as time moves on.
Government must address the issue of Commercial Rates, further expansions of grant aid, sector specific long term extension of The Wage Subsidy Scheme and additional funding to our local authorities to support the regional economies for the remainder of 2020. The tourism and aviation sectors require urgent attention including clarity regarding social distancing and quarantine measures. Our advocacy work will continue to be reflective of this and the next Programme for Government must urgently address the crisis facing local economies. Full results of survey click here.
As we progress through the phases of reopening, I welcome your thoughts on what challenges are facing your business so that we can build economic resilience for Cork, Email me <HERE> or 087 9471858 or make contact with any of the team at Cork Chamber.
Take care,
