Please find below an update in relation to the next round of financial support for those businesses impacted by the flooding incident in the Greater Newry Area on 31st October 2023.
While the information outlined has not been formally announced yet and the detail could change up until the application process opens, it is a positive indication that the ongoing lobbying from the Chamber and other local business organisations is resonating with those charged with framing the forthcoming scheme.
The key element is that the initial stance on claims for stock appears to have changed and it now looks likely that claims for stock loss will be included in the process. This is a key issue that the Chamber has lobbied on.
- The application process has been delayed due to a reconsideration of the criteria announced in December. This is good news, as it has been done to allow businesses to make claims for stock, which was originally to be excluded, in addition to fixtures/fittings, equipment, relocation and clean-up costs.
- The Department for Economy now hopes to open applications towards the end of next week (week ending 26th January 2024).
- The Department will be bringing in an independent loss assessor to verify all claims. This will add time onto the processing of applications but should widen the scope of what can be claimed for, as long as relevant invoices and/or quotes can be provided.
- The Department has received some assurances from Treasury that they can run the scheme into the next financial year. Whilst this suggests claims will take some time to process, it also means the process won’t be rushed and they will be able to tailor the criteria to ensure fairness and inclusion of as many businesses as possible.
- There will be a two-tranche model for the next round, with £10,000 available relatively quickly to aid cashflow where applicable and the remainder, up to £100,000, paid at a later date subject to Departmental loss assessment.
- There will be a parallel claims process for businesses previously excluded from the £7,500 grants.
- The Department will be looking at this on a case by case basis and that they will try to use as much of the remaining £15m for this (after claims to those currently eligible are paid).
- We understand the Department has a list of people who have appealed or raised concern about not being included previously. If you have not already done this, please contact the Chamber office for support.
We trust this keeps you informed and if you have any questions or require any further information, please email Chamber CEO, Michael Savage via michael@newrychamber.com.