Conor Murphy, the Minister of Finance in the Northern Ireland Assembly, has made a statement update the House on further schemes that his Department will deliver to provide financial support to businesses that have been affected by the COVID-19 pandemic.
The Executive has now agreed to a number of support schemes, which “will be implemented rapidly to make use of the remaining COVID funding within the current financial year”.
Conor Murphy said: “The proposals will help some businesses that have not received any grant funding so far during the pandemic, as well as some businesses that have experienced a significant reduction in trade because of the recent restrictions but which cannot access one of the Executive’s current support schemes.”
The first scheme will provide a one-off grant of £50,000 for certain businesses that occupy premises with a net annual value (NAV) over £51,000 and are eligible for the 12-month rates holiday. Examples of the kinds of businesses that could benefit include caravan parks, gyms and car showrooms.
Businesses will have to apply for the grant. Three financial assistance schemes that are being brought forward are worth £178 million. There are more details in the press release here.