Finance Minister, Conor Murphy has announced £177.9 million in new business support grants.
The schemes, which will support around 20,000 businesses include:
- £50,000 for businesses with a Net Annual Value (NAV) over £51,000 that are eligible for the 12 months rates holiday (retail, hospitality, leisure, tourism, manufacturing, childcare, newspaper producers).
- Examples of the kinds of business that this will benefit are shops, car showrooms, garden centres, gyms and fitness suites, equestrian centres, and caravan parks.
- The following exclusions apply: 3 main airports, businesses that qualify for the Department for Economy Large Tourism and Hospitality Business Support Scheme, sports clubs and culture, arts and heritage premises that qualify for one of the Department for Communities support schemes, food retail and petrol filling stations.
- As with the previous grant schemes, only one grant will be paid for businesses with multiple premises. Businesses with vacant properties and businesses in administration will not receive the grant.
- Businesses will have to apply for this grant.
This scheme is called the Large NAV Business Grant – for further details see Coronavirus: Large NAV Business Grant.
- £25,000 payment for manufacturers with a Net Annual Value (NAV) between £15,001 and £51,000.
- Payments will be automatic.
This scheme is called the Manufacturing (Industrial Derating) Support Grant – for further details see Industrial Derating.
- £10,000 payment for businesses that received the £25,000 Retail, Tourism, Hospitality and Leisure Grant and have not been paid under the Localised Restrictions Support Scheme or Covid Restrictions Business Support Scheme: Part B.
- Payments will be automatic.
This scheme is called the Retail, Tourism, Hospitality and Leisure Top-Up – for further details see Coronavirus: £25,000 Retail, Hospitality, Tourism and Leisure Grant.
- £5,000 for businesses that received the £10,000 Small Business Support Grant and have not been paid under the Localised Restrictions Support Scheme or Covid Restrictions Business Support Scheme: Part B.
- Businesses which have ceased trading since the £10,000 grant was paid and those paid the £10,000 grant in error (including constituency offices and wind turbines) are excluded.
- Eligible businesses will include ‘essential retail’ currently allowed to remain open (such as hardware, butchers, home bakeries, delis, convenience stores, post offices, pet shops, pharmacies, paint and decorating shops, building suppliers, small manufacturing businesses, small professional services businesses (accountants, solicitors, financial services), allied health services (dentists, podiatrists, physiotherapists).
- Payment will be automatic.
This scheme is called the Small Business Support Grant Top-Up – for further details see Coronavirus: £10,000 Small Business Support Grant Scheme.
The Department of Finance will now bring forward the Regulations needed to make these payments and will release further information on eligibility once the Regulations are made.
Please monitor this page for further updates.