The Government has announced its July Stimulus package - which aims to accelerate the economic recovery following the impact of Covid-19.

Included in it is a range of measures aimed at businesses, workers and consumers.

So how could it impact you or your business?

What does the overall package look like?

The package involves 50 different measures, worth a combined €5.2 billion. 

That is made up of a mixture of grants and tax changes for businesses - as well as supports for workers, the unemployed and consumers in general.

My job was affected by the pandemic. Will I keep getting wage supports?

Yes - the Pandemic Unemployment Payment (PUP) has been extended until April 2021, while the Temporary Wage Subsidy Scheme (TWSS) will run until the end of March 2021.

However changes are being made to both schemes.

The PUP will be closed to new applicants from 17 September, while there will be three - rather than two - rates of payment available to those already signed up. Those rates will fall early next year, with a view to the scheme ultimately coming into line with Jobseekers' Benefit.

Meanwhile the TWSS will, from September, become the Employment Wage Subsidy Scheme (EWSS). It will change from an income replacement measure to a payroll subsidy support, but will be expanded to include seasonal workers and new hires.

What about those who have lost their jobs due to the pandemic?

An employment stimulus package will see 10,000 funded work experience places, and recruitment subsidies to encourage firms to hire up to 8,000 people.

There will also be a doubling in the grants available for short duration skills training, with 12,500 expected to take advantage of this.

The Department of Higher Education will be given extra funding to create 35,000 additional places.

There will also be a grant for the self-employed who do not qualify for business restart grants, and some increases in community employment schemes.

Is there anything to help create new jobs for these retrained workers?

The Government has promised a targeted investment in the area of Life Sciences, which has performed well during the pandemic.

It plans measures to encourage greater digitisation, as well as a move to more environmental practices - including the retrofitting of homes.

IDA Ireland is also being given a greater budget in order to help stimulate more investment activity from foreign multinationals.

I’m trying to get my business back up and running - is there anything to help me?

The previously-announced Restart Grant, which was designed to cover the cost of reopening a business following the Covid-19 shutdown, is to be expanded to offer more money to a greater number of firms.

The grant will rise from a maximum of €4,000 to €25,000.

The staffing threshold for qualifying companies will also rise from 50 to 250, or a turnover of up to €25m.

What about firms that have already opened?

There will be a €2 billion credit guarantee scheme which will give firms greater access to cheap loans.

Businesses and self-employed people will be able to claim back Corporation Tax from last year’s profits against this year’s losses.

There will also be a six month holiday on commercial rates, while a two percentage point cut in the standard rate of VAT may help some firms to either widen their margins or increase consumer demand through lower prices.

Anything to encourage consumers to get out and spend?

Yes.

The key announcement was a 'Stay and Spend’ scheme, which aims to encourage people to holiday within the country.

It is made up of a tax credit of up to €125 per person, which will be available to claim on money spent in Fáilte Ireland-approved facilities between October and April 2021.

There will also be a 2 percentage point cut in the standard VAT rate, from 23% to 21%, which could see some prices fall.

The first time buyers grant will be increased to €30,000 to try to stimulate activity in the housing market.

Meanwhile the allowance for bike-related purchases is being increased, with the period to avail of this reduced from every five years to four years.