Advice and guidance for business and employers in relation to the coronavirus (COVID-19).
nibusinessinfo.co.uk have updated their information to include:
• How Eligible Businesses will be identified;
• How Businesses will receive payment.
You will find out more information on the following link nibusinessinfo.co.uk
To download the nibusinessinfo.co.uk Fact Sheet for review of support packages in place for businesses click on the following link:
Coronavirus: Support for Businesses in Northern Ireland
Guidance from nibusinessinfo.co.uk
nibusinessinfo has advice for businesses on common questions including:
• managing staff health, leave and absence;
• managing business operations;
• help with tax;
• help with late payments;
• managing cash flow pressures;
• claiming insurance;
• assistance with business rates.
For more information visit the nibusinessinfo.co.uk website.
Financial support for businesses in Northern Ireland
Businesses in Northern Ireland can access the following schemes:
Business Support Grant Schemes
Grants of £10,000 and £25,000 will be made available to eligible businesses to help with the impact of COVID-19.
The Northern Ireland Executive has announced two grants will be available to local businesses impacted by the coronavirus.
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.
Officials are currently processing the data to ensure that the support reaches the right people.
The intention is for the scheme to be operational as soon as possible
Information will be updated on this page when it is made available.
DfE, which will be published here: www.nibusinessinfo.co.uk/content/coronavirus-business-support-grant-schemes please log on to this link as it will be updated throughout the day.
Coronavirus Business Interruption Loan Scheme (CBILS)
Scheme to support small and medium-sized businesses to access bank lending and overdrafts now open for Applications.
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, aims to support primarily small and medium-sized businesses (SMEs) to access bank lending and overdrafts.
The government will provide lenders with a guarantee of 80 per cent on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value.
Businesses can access the first 12 months of that finance interest- free, as the government will cover the first 12 months of interest payments.
You are eligible for the scheme if:
• your business is UK based, with a turnover of no more than £45 million per year
• your business meets the other British Business Bank eligibility criteria
For further details on this Scheme visit Business Interruption Loan Scheme.
There are also a number of UK wide government schemes that businesses in Northern Ireland can access. These include:
• Coronavirus Job Retention Scheme
• Support for businesses who are paying sick pay to employees
• Support for businesses paying tax
• VAT payments for the next quarter will be deferred
For more information visit the nibusinessinfo.co.uk website
Business support helplines
HMRC tax helpline
HMRC has set up a helpline for businesses and self-employed people who are concerned about paying their tax due to coronavirus (COVID-19).
Call 0800 0159 559 for help and advice.
Invest NI helpline
Get help with your business online, or by calling the Invest NI Helpline.
Telephone: 0800 181 4422