COVID-19 Latest Financial Information
Below are the latest up to date financial supports for firms in Northern Ireland. We will continue to update this list.
To assist businesses to deal with the challenges, Government has introduced a number of financial support packages.
These are continually evolving on a day by day basis, so, the relevant links are attached so that you can see updates on each:
Business Rate Relief
- Provision of a 3 month rates payment holiday for April – June 2020
Further supports are avaiable, and are not limited to:
Covid Corporate Financing Facility (CCFF)
- ·This facility will provide funding to largebusinesses by purchasing commercial paper of up to one-year maturity, issued by firms making a material contribution to the UK economy.
- ·This facility will consider the temporary impacts on firms’ balance sheets and cash flows by basing eligibility on firms’ credit ratings prior to the Covid-19 shock.
- ·Open from 23 March 2020 - Issuers should contact the Bank at firstname.lastname@example.org
Interruption Loan Scheme
- The Government will provide Lenders with a guarantee of 80% on each loan.
- Loans of up to £5 million in value, including Term Facilities, Overdrafts, Invoice Finance and Asset Finance.
- Businesses can access the first 6 months of that finance interest free.
- Businesses are fully responsible for the repayment of the facility.
- Open from 23 March 2020.
- Small businesses eligible for the Small Business Rate Relief Scheme, with a Net Asset Value of up to £15,000 are eligible for cash grants of c£10,000.
- ·Medium businesses with a rateable value of between £15,000 and £51,000 in the most affected sectors, being, retail, hospitality and tourism, will be able to access grants of £25,000.
- Support will include agreeing a bespoke Time To Pay arrangement with HMRC.
- This will help those struggling with cash flow and allow those who enter into arrangements to spread liabilities owed over a pre-agreed period.
- In addition, HMRC will waive late payment penalties and interest where businesses experience administrative difficulties contacting HMRC or paying taxes due to COVID-19.
- As always, it will be important to get upfront agreement from HMRC before a payment deadline
Statutory Sick Pay Relief (SSP)
- All employees who self-isolate will be able to claim SSP.
- SSP claims can be made from Day 1 rather than Day 4 of illness. Employees who are caring for someone who is self-isolating will also be able to claim SSP on this basis.
- Businesses with fewer than 250 employees as at 28 February 2020 will be able to reclaim SSP expenditure up to a maximum of two weeks per employee from the government
- ·Mortgage lenders have agreed that they will support customers through payment holidays of up to 3 months
FOR MORE INFORMATION REFER TO YOUR INDIVIDUAL MORTGAGE SITE
- Interest rate cute to 0.1%
We will continue to update these resources as new supports become available.