Sinn Féin leader Mary Lou McDonald said the stimulus package announced by the Government today "lacks ambition".
She said that Taoiseach Micheál Martin was in Europe this week appealing for grants instead of loans for business, but with this plan the Government had favoured more loans and more debt over sufficient grant aid.
When you look at it in relation to other countries, "it's actually quite miserly", she said.
Ms McDonald described the Stay and Spend scheme as "very unfair" as it would not include up to one million low-paid workers.
She said it was "cumbersome" and "clumsy". In many respects, she added, the package was very timid.
Sinn Féin leader Mary Lou McDonald says today's stimulus package as a whole "lacks ambition". She adds that the Stay and Spend scheme is "unfair" | More: https://t.co/BbHdDscIqE pic.twitter.com/gqbm7h2667
— RTÉ News (@rtenews) July 23, 2020
Catherine Murphy, co-leader of the Social Democrats, said that the stimulus package must be about putting money into cash registers and into the pockets of those who need it most.
Ms Murphy said: "While there are positive measures contained in today's announcement, it is vital that those who suffered disproportionately as a result of Covid-19 are the ones who benefit most.
"The success of this plan will ultimately be judged on the numbers of people who retain their jobs, businesses and homes as Ireland navigates its way out of this crisis."
Ms Murphy said that it seems to be "more of a September stimulus plan than a July one", as so many of the 50 measures "appear to be at least two or three months away".
"The urgency of now is what is crucial – for example, there is no mention of funding that must be made available to schools to reopen safely," she said.
"Without those resources, schools won't reopen with huge knock on effects on the economy."
She also said the Pandemic Unemployment Payment (PUP) has been a vital lifeline for many people, and "we are seriously concerned that the proposed decreases will have a devastating impact on those who cannot restart work until a vaccine is found".
People Before Profit TD Richard Boyd Barrett said the package was a big spend but misses a big opportunity to stimulate the economy by investing in vital services and supporting those who have been worst hit by the pandemic.
"This €5bn investment comes at the same time the Government announces a further cut to the pandemic payment, which is austerity not stimulus, and is just kicking workers when they are down.
"The people who are hardest hit by the pandemic, who will be reliant on the pandemic payment for longest, because their industry cannot recover in an era of social distancing, such as taxi drivers, workers in arts, music, live entertainment and many in the hospitality sector, will be the hardest hit.
"The biggest hole in the plan is that there is no investment in vital services such as health, education and childcare," he added.
Labour's social protection spokesperson Seán Sherlock said the Government could have put money in people's pockets by increasing social welfare rates that would directly support local shops and businesses.
He said the cuts to the Pandemic Unemployment Payment are short-sighted and will hit those who lost their jobs because of the pandemic hardest.
"We need people to spend locally to support businesses that are on the edge due to Covid-19, and we know that those who rely on social welfare payments are most likely to spend their money on essential goods and services locally.
"While we welcome the move to reduce VAT there is no guarantee it will be passed on, while the staycation refund will benefit those who can afford to go on a holiday in the winter.
"The increase in training places is welcome, as Labour had argued for now is the time to invest in lifelong learning re-skilling and state training.
"However, there will be significant work required to ensure places and incentives are targeted to where they are most needed."
