Dodds announces new support scheme for newly self-employed

Economy Minister Diane Dodds today announced a new Covid-19 support scheme for the newly self-employed.
Economy Minister Diane DoddsEconomy Minister Diane Dodds
Economy Minister Diane Dodds

The total budget allocated for the scheme is £10million. The Newly Self-Employed Support Scheme (NSESS) will open at 6pm today (Thursday).

The Minister said: “I am pleased to be able to announce this new support scheme which will help thousands more businesses in need across Northern Ireland.

Hide Ad
Hide Ad

“It will provide financial support to newly self-employed individuals (sole traders and those in partnerships) whose business is adversely impacted by Covid and who have not been able to access support from the UK government’s Self-Employed Income Support Scheme.”

A one-off taxable grant of £3,500 will be provided. This will enable support to be provided to approximately 2,900 newly self-employed individuals.

Newly self-employed individuals (sole traders and those in partnerships) will be eligible for the NSESS if they commenced trading as self-employed between April 6 2019 and April 5 2020 and their business has been adversely impacted by Covid-19.

Their trading profits for 2019/20 must be below £50,000 and over 50% of their income must be from self-employment.

Hide Ad
Hide Ad

Invest Northern Ireland will deliver the scheme on behalf of the Department for the Economy.

The scheme will close to applications at 6pm on January 7 2021.

At scheme closure any underspend will be considered and a top-up grant may be paid to eligible applicants.

The Minister will present a scheme for limited company directors to the Executive and, subject to their approval, more details will be provided as soon as possible.

A message from the Editor:

Hide Ad
Hide Ad

Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.

In order for us to continue to provide high quality and trusted local news on this free-to-read site, I am asking you to also please purchase a copy of our newspaper whenever you are able to do so.

Our journalists are highly trained and our content is independently regulated by IPSO to some of the most rigorous standards in the world. But being your eyes and ears comes at a price. So we need your support more than ever to buy our newspapers during this crisis.

With the coronavirus lockdown having a major impact on many of our local valued advertisers - and consequently the advertising that we receive - we are more reliant than ever on you helping us to provide you with news and information by buying a copy of our newspaper when you can safely.

Hide Ad
Hide Ad

You can also enjoy unlimited access to the best news from across Northern Ireland and the UK by subscribing to newsletter.co.uk

With a digital subscription, you can read more than five articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit https://www.newsletter.co.uk/subscriptions now to sign up.

Thank you