New Business Support Grants Released

A raft of new business support grants totaling £178 million have been released by the Department of Finance at Stormont as a lifeline to Northern Ireland businesses who have been badly hit by the ongoing coronavirus pandemic.

Up To 20,000 Businesses Eligible

Up to 20,000 businesses are eligible for the grants which are likely to be processed and paid out by next month, some will need to be applied for and some will be paid out to firms automatically. The aim is to keep these businesses afloat and save as many employees jobs as possible.

Breakdown Of The Grants

Here is a breakdown of the grants as published on the BBC News website:

• A £50,000 grant for businesses with a NAV (Net Annual Value) over £51k that are eligible for the 12 months rates holiday. For example: retail, hospitality, tourism, manufacturing, childcare and newspaper producers. Airports, food retail and those availing of schemes offered by other departments are excluded from this grant.

• A £25,000 payment for manufacturers with an NAV between £15,001 and £51k.
  
• A £10,000 grant for businesses that received the £25k Retail, Tourism, Hospitality and Leisure Grant last year and have not been paid LRSS (Localised Restrictions Support Scheme) or CRBSS (Covid Restrictions Business Support Scheme) Part B.
  
• £5,000 for businesses that received the £10k Small Business Support Grant and have not been paid LRSS or CRBSS Part B. This includes dry cleaners, butchers and pet shops.

Helping Businesses And Safeguarding Jobs

In the same article Finance Minister Conor Murphy said about these grants:

“This package of support will help businesses and safeguard jobs through the period ahead as we emerge from the current restrictions,”

“These grants will benefit a mixture of businesses including those not provided with grant funding earlier this year, and businesses which have been allowed to remain open but which have experienced a significant reduction in trade due to the restrictions.”

The chief executive of Retail NI very much welcomed the finance packages for businesses, but also reiterated that it was vital to get a definitive date when non-essential retail, close contact services and hospitality can safely reopen, as there is still a great deal of uncertainty which is hampering many businesses efforts to plan ahead.

If you run a business and you want to know if you will be eligible for any of the above grants, or if you need advice on any other accountancy related matter then please don`t hesitate to give our offices a ring for advice on 028 3752 2909.