It has been officially confirmed that Ireland is now in a recession as a 6.1% quarterly drop was reported in the second quarter of 2020.

The biggest ever quarterly drop was confirmed earlier today by the Central Statistics Office who published figures for the quarterly accounts.

Meanwhile the Tanaiste and Minister for Enterprise, Trade and Employment Leo Varadkar announced plans to help businesses and companies during the Covid-19 pandemic.

Speaking today Varadkar confirmed that a €2bn SME loan scheme will be set up to help small to medium sized businesses to borrow with 80% of the loan covered by the state.

Under the scheme businesses and companies will have to prove that there turnover or projected turnover has fallen by 15%

Companies and businesses will be able to apply for loans that will last no longer than six years.