COVID19 Support for NI Micro, Small & Self Employed Business

25% Business Rates reduction

• ·         All NI businesses.

• ·         Available from 1^st April ‘20.
• ·         Pay the 75% in instalments from July to March ’21.

Statutory Sick Pay Rebate (SMEs)

• ·         Cover up to 2 weeks SSP per employee who has been off work due to Covid-19

• ·         Employers fewer than 250 employees eligible.
• ·         Employers should maintain records of staff absences.
• ·         Employees will not need to provide a Doctors fit note.
• ·         Waiting on advice from government on the system for how employers can reclaim this.

Business Interruption Loan Scheme (BILS)

• ·         Loans up to £5m, guaranteed by government. Government to cover first 6 months interest.

• ·         Available from Monday 23^rd March.
• ·         Accessible through main banks in NI and a number of programme and sector specific lenders – see full list here:
  https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/accredited-lenders/
• ·         Will be much easier if you can deal with a bank where you have an existing relationship.
• ·         Need to get clarity from bank on terms and that they won’t be blocking access by looking for security for the 20% not guaranteed by government.

·         Grants to small businesses eligible for Small Business Rate Relief – £10,000

·         £25,000 grants to retail, hospitality tourism and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000

• ·         Available in NI.
• ·         Available to all sectors.
• ·         Advice on how to apply within days.
• ·         Advice on how to apply within days.

For those who are unable to pay due to coronavirus, HMRC will discuss your specific circumstances to explore:

• ·         agreeing an instalment arrangement
• ·         suspending debt collection proceedings
• ·         cancelling penalties and interest where you have administrative difficulties contacting or paying HMRC immediately

 FAQs & Advice through Invest NI

• • ·         Invest NI are updating a useful FAQ and signposting facility on their website.

• ·         Invest NI Business Support Line now advising and signposting on Covid-19 related issues.

https://www.nibusinessinfo.co.uk/content/covid-19-managing-staff-health-pay-leave-and-absence

https://www.nibusinessinfo.co.uk/content/covid-19-managing-business-operations

https://www.nibusinessinfo.co.uk/content/covid-19-managing-business-finance-tax-rates-and-insurance

0800 181 44 22