Finance Minister, Conor Murphy has announced £178 million in new business support grants.
Making the announcement, Conor Murphy said: “These grant schemes, together with the 12 months rates holiday, will provide a lifeline for many businesses who continue to confront the challenges of Covid-19. This package of support will help businesses and safeguard jobs through the period ahead as we emerge from the current restrictions.”
The schemes, which will support almost 20,000 businesses include:
- A £50,000 grant for large businesses unable to access grant funding during the first lockdown;
- A £25,000 payment to manufacturing businesses unable to access grant funding during the first lockdown; and
- Top-up payments of £5,000 and £10,000 for businesses which received grants during the first lockdown but are not eligible for one of the current Executive support schemes.
The Department of Finance will now bring forward the Regulations needed to make these payments and will release further information once the Regulations are made at www.nibusinessinfo.co.uk/covid-business-support-grants.
The business grants draw on Covid funding that has to be utilised by the end of the financial year, the Minister continued: “In the absence of further bids from Departments, I am now activating my contingency plans to support the economy. Land & Property Service within my Department has again stepped up to deliver much needed support to businesses. 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.”