There has been a large number of applications by businesses in Northern Ireland for the latest support fund, which has been introduced for the many firms who have fallen through the cracks and are not eligible for any other support schemes.
Over 1,200 Applications So Far
There have been 1,220 applications for the Covid Restrictions Business Support Scheme so far which is very encouraging as it is vitally important that businesses access all the resources and the funds that they can during these turbulent times.
Here are some details on the scheme copied from a latest BBC News report:
`The scheme is divided in two; Part A and Part B.
`Part A of the scheme opened for applications last Wednesday while the remainder of the fund is yet to open.
`Northern Ireland has been subject to tighter restrictions since 16 October, which has seen close contact services told to stop trading and the hospitality sector only able to offer takeaway or delivery.
`Part A is targeted at businesses required to close or cease trading as a result of current restrictions and are not eligible for the separate localised restrictions support scheme.
`This includes businesses that deliver their product or service on a mobile basis or operate from their home, like mobile hairdressers or driving instructors.
Successful applicants are eligible for a grant payment of £600 per week.
`The Department for the Economy scheme will also see financial support provided to businesses in the direct supply chain, known as Part B.
`Firms must show they have been significantly impacted by restrictions.
`Businesses which pay rates will receive a grant based on their net annual value. Those which do not pay rates could get £300 a week.
Accessing Support For Your Business
We would like to reiterate that if you own a business in Northern Ireland you must ensure that you are accessing all the available support there is out there for you. We know this is not an easy time for businesses in all sectors of the economy, so whatever support you can get, whether it is for the business directly or its employees, you must take it as it can be the difference between staying afloat or going under.
If you are unsure as to what support schemes your business can apply for get in touch with the WHR Accountants team by calling 028 3752 2909 and we will be glad to steer you in the right direction.