Covid-19 : Business Support 19.05.20 – Update 32
New : NI Micro-business Hardship Fund
On Friday, the Department for the Economy launched a new NI Micro-business Hardship Fund to support NI based micro-businesses and social enterprises unable to access other regional and national Covid-19 support measures. Administered by Invest Northern Ireland on behalf of the department the fund will offer emergency funding to businesses facing immediate cash flow difficulties due to the impact of Covid-19, for more information click here.
There is limited information available to date on the scheme, however the following eligibility criteria has been issued:
- The business must be based in Northern Ireland.
- At 29th February 2020, the business must have employed between one and nine employees paid via PAYE except where the sole employee is the business owner or company director. .
- Since 1st March 2020, the business must have experienced a reduction in turnover in excess of 40% as a direct result of the COVID-19 pandemic or associated Government restrictions.
The following micro-businesses and social enterprises are not eligible for the scheme:
- Primary agricultural producers, however agricultural businesses associated with the processing, marketing and retail of agricultural products can apply to the fund.
- Businesses eligible for the one of the other NI Executive grant schemes (£10,000 Small Business Support Grant, £25,000 Retail, Hospitality, Tourism and Leisure Grant or COVID-19 Childcare Support Scheme)
- Charities or social enterprises with charitable status.
- Social enterprises that receive less than 60% of revenue from trade in goods and/or services.
The scheme is due to open this week. If you are eligible to apply for the grant scheme there are some steps that you can take to prepare for completing the online application form, refer to get ready to apply for the NI Micro-business Hardship Fund.
Deadline: NI Business Grant Update
The closing date for scheme registrations for the following NI business support grant schemes is tomorrow, Wednesday 20th May 2020.
- £10,000 Small Business Support Grant
- £25,000 Business Grant Scheme for the retail, hospitality, tourism and leisure sectors
Register now via the nibusinessinfo website: £10,000 Business Support Grant, £25,000 Retail, Hospitality, Tourism & Leisure Grant and Business Support Grants online form for rental properties and/or properties with a Total NAV of £1,590 or below