It is welcome news that two of the business support schemes have now been extended to March 31st 2021. Payments for both the Covid Restrictions Business Support Scheme (CRBSS) and the Large Tourism and Hospitality Business Support Scheme (LTHBSS) will now carry on up to this date.
Protecting Businesses Impacted By The Pandemic
The Covid Restrictions Business Support Scheme was introduced in order to protect businesses that were impacted by the increased Health Protection Regulations and is administered by Invest NI on behalf of the Department for the Economy. There is no need to reapply for any additional payments as businesses who are already in the scheme will receive them automatically.
The Large Tourism and Hospitality Business Support Scheme is providing financial support to large businesses in these particular sectors to help them meet fixed costs and overheads associated with the survival of their businesses and the protection of jobs.
Considerable Fixed Cost Outlays
The above sectors have been hit very badly of course by the restrictions, and Economy Minister Diane Dodds was quoted at the time on the Economy NI website as saying:
“Large businesses within the tourism and hospitality sectors have endured considerable fixed cost outlays throughout the pandemic. Furthermore, they have not been able to avail of funding from either the Small Business Support Grant Scheme or the Business Support Grant Scheme for the Retail, Hospitality, Tourism and Leisure Sectors which was made available to smaller firms to assist with unavoidable fixed costs.
“Therefore this scheme will provide support to large businesses within some of our most important sectors to help them meet the fixed costs and overheads that they need to keep their business going and to protect jobs.”
Business Support Grants Protecting Jobs & Businesses
And on the Newsletter website Minister Dodds is quoted saying about the extensions to these schemes:
“I know how much businesses across Northern Ireland need to be supported during the Covid pandemic so I am pleased that we are able to extend the time period covered by these two grant schemes.
“Our business support grants are protecting jobs and businesses now as we plan for the rebuilding and recovery of the economy and the reopening of businesses when it is safe to do so.”
If you want to ensure that your business is receiving all the help and assistance it can get in terms of grants and extra funding get in touch with our offices and we will look into this for you. Give us a call on 028 3752 290