Cautious welcome to Covid-19 support package for fishing industry

PKF-FPM Accountants have cautiously welcomed the £1.5 million Covid-19 support package for Northern Ireland’s fishing industry announced by Fisheries Minister Edwin Poots on April 3 2020 but warned that further information on the details of the scheme is needed.
By Claire Cartmill
Published 8th Apr 2020, 09:54 BST
PKF-FPM Director Lowry GrantPKF-FPM Director Lowry Grant
PKF-FPM Director Lowry Grant

Commenting on the announcement, PKF-FPM Director Lowry Grant said: “The Covid-19 pandemic is severely impacting Northern Ireland’s fishing industry with many businesses unable to trade during the current crisis. The recently announced £1.5 million financial support package is intended to help the fishing fleet cover fixed costs for three months. This support is badly needed as incomes are under intense pressure due falling exports. However, while the Minister’s announcement is welcome, it is as yet unclear how businesses can apply for the support. The Department of Agriculture, Environment & Rural Affairs has said it will inform vessel owners about how to apply “in due course”. Assistance is limited to three months and subject to a cap on total funding of around £104,000. It will be delivered via monthly payments based on vessel size with the first payments expected in early May 2020.

“This new measure comes in the wake of a number of other measures to help businesses during this unprecedented crisis. With Government advice being updated regularly, PKF-FPM teams are monitoring developments closely and keeping clients informed through our COVID-19 Business Support Centre. We want

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to ensure that businesses not only do everything possible to overcome COVID-19, but that they plan for recovery — because recovery will come. Businesses must be ready to respond rapidly when demand rises.”

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Related topics:Edwin PootsCovid-19Northern IrelandDepartment of Agriculture