Budget cash for businesses, Vernon backs UrbanVolt, and mortgage switching

Business Today: the best news, analysis and comment from The Irish Times business desk

A woman jogging down a deserted Grafon Street in Dublin during lockdown restrictions in May. Businesses struggling with the impact of recent Covid-19 trading restrictions could be in for a cash boost from today’s budget. Photograph: Aidan Crawley/EPA

A woman jogging down a deserted Grafon Street in Dublin during lockdown restrictions in May. Businesses struggling with the impact of recent Covid-19 trading restrictions could be in for a cash boost from today’s budget. Photograph: Aidan Crawley/EPA

 

A special scheme offering cash payments of up to €5,000 a week for companies forced to close due to Covid-19 restrictions is to form part of today’s budget. The relief will be based on companies getting advanced credit for trading expenses which they would normally claim against corporation tax or income tax. Cliff Taylor reports.

Former property magnate Stephen Vernon and the State’s Irish Strategic Investment Fund (ISIF) have backed a €7 million fundraising round by energy-saving lighting specialist UrbanVolt. Barry O’Halloran has the details.

The Department of Finance is expecting another surge in corporation tax this year despite a severe global recession arising from coronavirus, with receipts from the business tax to hit a record €12.5 billion in 2020. Eoin Burke-Kennedy runs the numbers.

While Sean Doyle’s switch from Aer Lingus to lead sister airline British Airways is a good move for the Cork executive, it is unfortunate timing for the Irish airline given the existential crisis it is facing, says Cantillon.

In personal finance, Joanne Hunt discovers that switching your mortgage can yield substantial savings for borrowers.

In Q&A, a reader is struggling to resolve a ticket refund with Aer Lingus. Dominic Coyle has some advice to help resolve the issue.

In media and marketing, Laura Slattery says we need some quality Saturday night TV viewing now more than ever.

Budget 2021 is now just hours away. Catch up with all the latest news, comment and analysis on our dedicated site,irishtimes.com/budget.

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