Economy Minister Diane Dodds has announced a new Covid Restrictions Business Support Scheme offering various grants over four weeks. The announcement comes following the latest restrictions set in place due to Covid-19.
The Covid Restrictions Business Support Scheme (CRBSS) – which opened on Tuesday 28th October 2020– will support businesses which meet the following criteria:
- The business is restricted within the Health Protection (Coronavirus, Restrictions) (No.2) Regulations (Northern Ireland) 2020 but is not eligible for the Localised Restrictions Support Scheme (LRSS); or
- The business is within the supply chain of businesses restricted by the Regulations and as a result has been significantly impacted; and
- The business is operating in Northern Ireland and was trading immediately prior to 16 October 2020; and
- The business is not included in the scope of funding already allocated to Executive Departments to respond to Covid restrictions.
There will be three different payments. The details are as follows:
£600 a week for businesses forced to close but are ineligible for the Local Restrictions Support Scheme (LRSS) eg hairdressers/barbers working from home, rent a chair or mobile premises, driving instructors, beauticians working from home
£300 a week for businesses not required to close or cease trading as a result of the LRSS but are in supply chain of those that are, significantly impacted (turnover declined by 40% plus) and do not pay business rates.
Businesses that are not required to close or cease trading as a result of the Health restrictions but are within the supply chain of those that are and are significantly impacted and do pay business rates will receive a grant based on the NAV of the premise they operate from;
- £400 per week for businesses where the NAV does not exceed £15,000;
- £600 per week for businesses where the NAV exceeds £15,000 but does not exceed £51,000;
- £800 per week for businesses where the NAV exceeds £51,000.
Further support measures are in development and will be announced in due course.
The Covid Restrictions Business Support Scheme will also help some very small businesses who were left out of a previous scheme, along with people who acted as suppliers to closed businesses.
Supply chain firms like cleaners or catering suppliers may qualify for grants of between £400 and £800 a week.
If you need advice just email the Ross Boyd Chartered Accountants team on firstname.lastname@example.org or call us on 02895 320155.