A new government support scheme announced by finance minister Conor Murphy means 1,100 Northern Ireland businesses are due a one-off £50,000 payment.
The Large NAV Business Grant scheme is directed at companies which have been badly impacted by the Covid-19 pandemic which are occupying large commercial properties and applications are open until 5 th May 2020.
Qualifying businesses need to occupy premises with a net annual value of over £51,000 and must have been able to partake in the 12-month rates holiday previously announced by the Executive.
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The latest in a long line of support announced for businesses of all sizes, the scheme applies to companies in all sectors,” Conor Murphy said.
“Throughout the pandemic I have been determined to ensure that support reached as many businesses as possible. This new Grant Scheme will make available more than £50 million of financial assistance to hundreds of businesses across a wide range of sectors including childcare, retail, manufacturing, hospitality, tourism and leisure.”
He said the potential for a recovery of economic fortunes in Northern Ireland as movement restrictions ease is growing but many businesses are still feeling the impact of Covid-19.
“Although we have started on the Pathway out of Restrictions, businesses are still dealing with the impacts of the pandemic. I hope this one-off grant will help these businesses which didn’t qualify for previous grant schemes.”
Latest economic indicators show the economy in Northern Ireland is in recovery mode.
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HMRC PAYE data shows employee numbers around 40% - or 6,800 – jobs lost during 2020 were recouped by February 2021, the bulk of which was recorded in the three months to February, Richard Ramsey, Chief Economist at Ulster Bank said.
A similar picture was revealed by the NIJobs.com Job Report, according to Sam McIlveen, General Manager at NIJobs.com.
“Our quarter one data is encouraging and demonstrates that a range of sectors are investing in the workforce. As lockdown restrictions ease further, we will see more confidence in consumer habits, spending and business growth across some areas too which should all create positive outcomes for the jobs market.”