'£113m has been issued to over 10,000 businesses' says Finance Minister

  • The Department of Finance announced that it has paid £113m to over 10,000 businesses under its Localised Restrictions Support Scheme.

    Top up payments began issuing yesterday and will continue today to cover the six week period of restrictions which came into effect on 26 December.

    Businesses should receive these payment in their bank accounts within seven working days.

    Finance Minister Conor Murphy said: “The Localised Restrictions Support Scheme has rapidly expanded as more and more businesses have been forced to close due to the necessary restrictions to combat the spread of Covid-19. These top-up payments bring the support provided through this Scheme so far to £113m.

    "Over 10,000 businesses are being supported with vital funding, helping to protect livelihoods and support jobs at this hugely difficult time.

    “Land & Property Services within my Department has stepped up and has taken on additional powers to become a grant paying body in addition to its usual roles, facilitating the payment of this much needed support to businesses.

    "This hasn’t been without its challenges. I know for some businesses there has been an anxious wait but this scheme has been designed and delivered very rapidly to match the restrictions on business that the Executive has had to bring in as part of the Health Protection Regulations in order to protect lives.”

    Minister Murphy continued: “I want to reassure businesses that I am committed to providing support for as long as they are restricted. I’d encourage any business which thinks it may be eligible to visit the nibusinessinfo website and consider applying.

    “Every possible effort is being made to process remaining applications as quickly as possible. Businesses which have already applied to the scheme or which are currently having their application reconsidered do not need to make a further application.”

    Under the scheme businesses will receive the following amounts for every week these restrictions apply:

    Small businesses (up to £15,000 Net Annual Value) – £800
    Medium businesses (£15,001 - £51,000 Net Annual Value) – £1,200
    Large businesses (over £51,000 Net Annual Value) – £1,600

    Source: Written from press release

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