Financial scheme launched for North West businesses affected by restrictions

  • A new financial support scheme for businesses affected by restrictions which came into effect on 5 October in the Derry City and Strabane District Council area has opened for applications.

    Opening the Localised Restrictions Support Scheme for businesses in the Derry City and Strabane District Council area, Finance Minister Conor Murphy said: “The Executive is determined to get support out as quickly as possible to businesses that are subject to local restrictions. I hope that the first payments from this scheme will be made within days of applications being received and approved.

    “The payments I’m announcing today are higher than the equivalent scheme in England. The largest businesses receive the equivalent of £3,200 per month.

    “The restrictions announced by the Executive today will impact upon a wider range of businesses than those currently covered in the Derry City & Strabane scheme and we will factor this into future support packages.”

    RELATED: Hospitality Ulster demands emergency financial measures for workers due to new lockdown restrictions

    Under the scheme businesses will receive the following amounts for every two weeks they are closed:  

    • Small businesses (not exceeding £15k Net Annual Value) - £800
    • Medium businesses (over £15k Net Annual Value and not exceeding £51k Net Annual Value) - £1,200
    • Large businesses (over £51k Net Annual Value) - £1,600

    The Scheme that will apply to businesses in the Derry City and Strabane District Council area, subject to eligibility criteria, includes:

    • Cafes, pubs and restaurants that have been temporarily forced to close or limit their services to a takeaway service instead;
    • Hotels and guest houses that have been temporarily forced to limit the provision of services for residents only; and
    • Other businesses which, under the Health Protection Regulations are required to cease to carry on that business or to provide that service, include cinemas, museums, galleries, trampoline parks, inflatable parks, escape rooms, bowling alleys and ice rinks. 

    Referring to the restrictions across all council areas under the Health Protection Regulations announced by the Executive today, Minister Murphy continued: “I am acutely aware that the restrictions announced by the Executive today will have a profound impact not only on the hospitality sector but right across the economy and many businesses including those in the supply chain.

    “Along with my Executive colleagues tomorrow be considering how best to use the additional £200million and what economic interventions we can make to get much needed support to businesses and protect livelihoods.”

    Source: Written from press release

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    Niamh is a Sync NI writer with a previous background of working in FinTech and financial crime. She has a special interest in sports and emerging technologies. To connect with Niamh, feel free to send her an email or connect on Twitter.

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