Businesses left out of support schemes to receive big payouts
Finance Minister, Conor Murphy has announced £178 million in new business support grants for those excluded from previous schemes.
There will be 3 new schemes, which aim to help businesses that haven't received financial support during the pandemic.
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
- 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. - automatic payments - 16,000 businesses.
- For the £50,000 grant, businesses will have to apply online. However, the other two grants will be paid automatically.
- It's expected the money will be sent in April.
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 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.”