Economic repercussion of Corona

It’s clear the effects are snowballing so to keep the other thread more concerned with the actual health and social matters please sign on here to discuss the economic consequences be they macro or micro

The country is fucked

We are entering the next great depression

Remote meeting of European finance ministers tonight. The only consolation in this whole sorry mess is that it’s global and practically every country is in the same scenario.

One repercussion is Lazarus will owe me a monkey

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Anyone finds themselves suddenly unemployed fill out one of these and get them to your local Intreo offica asap. Its an emergency relief, you can sort out the finer detail after. The Govt are still sorting out the finer details themselves, but you will need to get on the system


Social Welfare payments
The €203 COVID-19 Pandemic Unemployment Payment scheme (also available to self-employed) will be increased to €350. It is available to all employees and the self-employed who have lost their job due to the Covid-19 (Coronavirus) pandemic.

The Covid-19 Pandemic Unemployment Payment will be in place for 12 weeks.

Income Support Scheme
The government also announced this afternoon a new National Covid-19 Income Support Scheme designed to maintain the link between employer and employee. THERE ARE SOME DETAILS THATWE NEED TO GET CLARIFICATION ON. WE WILL PASS THEM ON AS SOON AS WE HAVE THEM

Full details are available HERE

Briefly, this scheme will be run by Revenue where an eligible employer will be paid up to 70% of an employee’s take home income up to a maximum weekly tax free payment of €410 (i.e. 70% of take home weekly income of €38,000 per annum).

The scheme will provide support on incomes up to €76,000 or twice average earnings. It will be capped at net €350 for incomes between €38,000 and €76,000.The employer is expected to make best efforts to maintain as close to 100% of normal income as possible for the subsidised period.

Revenue will provide further guidance on operation of the scheme. There will be severe penalties for any abuse of the scheme. The Self-Employed will be eligible for the Covid-19 Pandemic Unemployment Payment of €350 directly from the Department of Employment Affairs and Social Protection (rather than this Revenue scheme).

We will send on more details about the scheme tomorrow as they become available.

You will be the last bookie left standing after all of this

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Fucked. We can’t even go and get a start abroad.

Still clear as mud how that income support scheme works

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I have my best people working on the detail and should have a further update on the matter at some point tomorrow

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Two large jobs I have been working on are at least at this stage postponed, but not sure long term really how they’ll go. One of them €30m in Dublin and the other about €20m in a large town outside Dublin. That’s two fairly large jobs just on my books in bother. There are lots of other projects being held off too. I don’t know how this gets resolved quickly once things “get back to normal”.

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Those jobs presumably have funding and will get done?

Nothing is ever guaranteed. Plus the problem with it now is the expenditure of these with no guaranteed income off them. So it could be a case of consolidation of funds short term rather than proceeding. May come back around, one of them is bullish and wants to drive on, but there is certainly a pause on a lot of stuff now because of this.

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If you’re self employed earning over €76,000, you don’t qualify?

Good thread mate.

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Its universal as far as I can make out, where you seeing this?

Shur that makes no sense . Particularly if ones income is now zero

The government supports are good and reasonable in the circumstances. If people get their loans frozen they will actually be in a good cash position for the couple of months. Nothing to spend it on!

The banks, I’ve heard anecdotally, are acting the cunt but what’s new there.

Hopefully there’ll be a spending release once this thing ends.

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