We are still trying to seek information on some of the schemes announced by the NI Executive and the Chancellor last week, here is the latest update.
I have just completed a teleconference call with NIO Minister, Robin Walker, MP along with Belfast and Derry Chambers.
We took the opportunity to welcome the initiatives announced by the Chancellor, particularly the Coronavirus Job Retention Scheme which will provide a 80% grant to employees laid off.
We asked him to encourage HMRC to get as much information as possible out on the scheme, so business owners can understand how it works and how to apply.
We also stressed that it would be important for HMRC to clearly define what a “furlough worker” is, as there is some uncertainty.
Given the importance of self-employed workers to the local economy, we pointed out that if an owner of a business can only claim £94 per week, this is not sustainable for the future of that business.
As Chambers of Commerce, we stressed that support for the self-employed is vital and is the last piece in the jigsaw of economic support measures.
Monitor our social media channels and check your email inbox for regular updates.
You can contact me at:
colm@newrychamber.com
Stay safe.
Colm Shannon,
Chief Executive Officer
Newry Chamber of Commerce & Trade
QUICK NOTE OF HEADLINES
For your information, there is clarity on the 10k grant.
- Account NI intend to start paying eligible businesses for whom they have bank details today.
- Businesses don’t need to do anything.
- If Account NI do not have your bank details, you will be asked to upload your bank details and the link will be promoted via www.nibusinessinfo.co.uk.
A reminder that eligibility was businesses with a net annual value of up to £15k and who qualify for Small Business Rates Relief will receive a grant of £10k.
There is also a £25k grant.
A reminder that the eligibility was that the retail, tourism and hospitality sectors will receive a £25k grant if they have a rateable value of between £15k and £51k.
CORONAVIRUS JOB RETENTION SCHEME
- 80% of gross pay to a maximum of £2.5k per month, paid for PAYE employees.
- Does not apply to self-employed.
- HMRC will run the scheme.
- Employers can reemploy workers recently made redundant.
BUSINESS INTERRUPTION LOAN SCHEME
- First 12 months now interest free, not just 6 months.
- Loan value remains up to £5m.
UNIVERSAL CREDIT
- Increased by £20 per week.
A Business Support Team is available to answer queries so please feel free to contact them via: 0800 181 4422
Further updates to follow when we get them.
GOV.UK SUMMARY PAGE
GOV.UK has published the following summary page for both businesses and employers which you can view by clicking HERE.
SPECIFIC TO NORTHERN IRELAND
nibusinessinfo.co.uk has collated all those support schemes that are relevant to NI which you can view by clicking on the link below:
www.nibusinessinfo.co.uk/coronavirus
nibusinessinfo.co.uk is working on a downloadable quick-reference guide featuring all support available to Northern Ireland businesses. They aim to have this by tomorrow and we will circulate this to you when we get it.
LAPTOPS FOR HOME WORKING
COVID-19 has led to a significant increase in the number of employees and students working from home, with many organisations and parents preparing for remote working.
Our Chamber Member, AMI Secure IT specialise in the data sanitisation and repurposing of IT equipment and can accommodate local businesses who need to supply laptops for home working.
PC bundles are available for students.
PCs and laptops are refurbished and come with PSU & Windows 10 Pro Refurbished Licence included as standard.
To purchase, please visit:
www.RefreshedByUs.com