In our latest update, we have provided some information on last night’s announcement from the NI Executive. We haven’t been able to get a timeline on when the grants will be issued but we hope it will be shortly.
Once we know, we will be in touch with businesses. We also have included in this update information on Statutory Sick Pay (SSP) Support for SMEs and the Coronavirus Business Interruption Loan Scheme.
We understand businesses need answers now, particularly in terms of broader support to pay employees during the period when businesses are closed.
Newry Chamber is working hard behind the scenes lobbying on behalf of local businesses. You will have seen our post this morning on social media calling on the government to cancel the next quarterly VAT return.
This will free up cash that’s sitting in many businesses and could be used in the short-term to help with staff costs.
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
FURTHER NI EXECUTIVE SUPPORT
Last night the NI Executive announced that small businesses with a net value up to £15,000 will receive a grant of £10,000.
A grant of £25,000 will go to larger, medium-sized firms in the retail, tourism and hospitality sectors.
Qualifying businesses for the £25,000 grant must have a rateable value of between £15,000 and £51,000.
There is also discussion of a community support fund and help with personal rent. We expect to get some further detail shortly and will circulate soon.
Details aren’t available yet on how to apply for all the grants and initiatives but we expect to hear shortly and will update businesses.
STATUTORY SICK PAY (SSP) REBATES FOR SMEs
Earlier in the week, the Chancellor announced that the government will bring forward legislation to allow SMEs and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19.
The eligibility criteria for the scheme will be as follows:
- This refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19.
- Employers with fewer than 250 employees as of 28th February 2020 will be eligible – the size of an employer will be determined by the number of people they employed as of 28th February 2020.
- Employers will be able to reclaim expenditure for any employee who has claimed SSP (according to the criteria) as a result of COVID-19.
- Employers should maintain records of staff absences but employees will not need to provide a GP sick note.
- Eligible period for the scheme will commence the day after the regulations on the extension SSP to self-isolators comes into force.
- The government will work with employers over the coming months to set up the repayment mechanism for employers as soon as possible. Existing systems are not designed to facilitate employer refunds for SSP.
CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME
A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses to apply for a loan of up to £5m, with the government covering up to 80% of any losses with no fees.
Businesses can access the first 6 months of that finance, interest-free.
The government will cover the first 6 months of interest payments.
Full details, including the exact eligibility criteria, will be announced shortly.
You can find the latest updates on the British Business Bank Website HERE.
DON’T BE SCAMMED
Be vigilant when online. Coronavirus-themed phishing attacks and hacking campaigns are on the rise. Opportunist cyber criminals are posing as trusted Coronavirus advisers. Be careful online.
Further info can be found HERE.
CONCLUSION
We accept it’s difficult for businesses at the moment and we are working hard as best we can to provide you with information and advice.
We strongly encourage you as a member, to get in touch with us with any queries that you have via email and we will do our very best to get you the answers you need and relay them back to you.
admin@newrychamber.com
Stay safe.