Grants of £10,000 and £25,000 will be made available to eligible Northern Ireland businesses to help with the impact of COVID-19
What grants are available?
A grant of £10,000 will be provided to all small businesses who are eligible for the Small Business Rate Relief Scheme (ie all businesses with a NAV up to £15,000). This will benefit around 27,000 businesses.
A grant of £25,000 will be provided to companies in the retail, tourism and hospitality sectors with a rateable value between £15,000 and £51,000. This should assist 4,000 business.
The schemes will be administered by the Department for the Economy and Invest Northern Ireland working with the Department of Finance’s Land & Property Services.
How will eligible businesses be identified?
The ratings system will be used as the mechanism to identify eligible businesses in Northern Ireland.
Last year’s rating list will be the basis for payment.
Businesses who are eligible as a result of revaluation are also being identified.
How will businesses receive payment?
Payments will be made directly into the bank accounts of eligible businesses. Bank details are held for just over 9,000 of small businesses who qualify. Payment can be expedited to those companies.
The focus will be on issuing payment as quickly as possible.
An online web portal will be set up this week for the remaining eligible businesses to register their details.
When will businesses receive payment?
The immediate focus has been on putting in place a system for issuing the £10,000 grant.
Additional processes are underway for the £25,000 grant for the hospitality, tourism and retail sectors.
The schemes will be fully operational as soon as possible.
Where can I receive more information?
Official updates will be made on this page when they are made available.