‘Our job of supporting businesses is not yet done’

However, from the moment this pandemic hit, my Department has delivered unprecedented levels of financial support to protect tens of thousands of jobs and businesses.

To date we have already provided over £362million of lifeline support to over 30,000 businesses and we are currently delivering millions of pounds to thousands more. Grants from our Covid-19 business support schemes have enabled businesses to remain open, secured many jobs and provided hope.

I lobbied the UK Government for the extension of the furlough scheme and support for the self-employed. It has been crucial at this very difficult time for our economy. When money has come from Westminster my officials pushed it through to businesses as quickly as possible.

Almost 32,000 businesses have received over £340m support through the £10k and £25k business grant schemes and the Micro-Business Hardship Fund.

The Covid Restrictions Business Support Scheme (CRBSS) remains open and is supporting businesses impacted by the latest restrictions. Already over £18.4million has been paid out to over 4,100 applicants to the two parts of this scheme - businesses were required to close as a result of the recent Health Protection Regulations and were not eligible for the Localised Restrictions Support Scheme and businesses not named in the regulations but severely impacted because they provide goods and/or services to those businesses required to close.

The Newly Self-Employed Support Scheme for sole traders and those in partnerships opened on December 3. This plugs an important gap and will provide £10million to around 3,000 businesses not eligible for the UKG’s Self-Employment Income Support Scheme. Each eligible business will receive a one-off taxable grant of £3,500. At scheme closure any underspend will be considered and a top-up grant may be paid to eligible applicants.

Around £40million is also available via the Limited Company Directors Support Scheme which opened on 21 January. This is supporting company directors not eligible for the SEISS. A £3,500 grant will be paid to eligible limited company directors.

The Wet Pubs Business Support Scheme, provides £10.6million to drink-only public houses which were forced to close between July 4 and September 23. Payments will be based on the Net Annual Value (NAV) rating of the business and will range from £800 to £1,600 per week for 12 weeks.

We have also launched a scheme for tourist accommodation businesses severely impacted by Covid-19 with a £4.1million budget. The Bed and Breakfast, Guest House and Guest Accommodation Scheme will support around 900 providers to continue to deliver much needed tourist accommodation in 2021 and beyond. The Large Tourism and Hospitality Business Support Scheme (LTHBSS) is providing £26.1million to around 250 large businesses in these sectors to help them to meet fixed costs and overheads associated with the survival of their business and the protection of jobs.

Invest Northern Ireland has also introduced new schemes to support business recovery following Covid challenges. These schemes will offer £5.5million of support or equity investment to help companies survive, grow and support economic recovery. To date four of these new schemes are operational, providing support toward digital capability, energy efficiency, early stage business growth and business and financial planning. Additional schemes are to launch soon.

We can now see light at the end of the tunnel and the vaccine news roll out provides hope. However, our job of supporting businesses is not yet done as we help them refocus and recover.

The High Street Stimulus Support Scheme, deferred because of the present restrictions and health guidance, will act as a massive economic stimulus directly benefiting thousands of local businesses. The multiplier effect - from people spending more than the value of the card and the ripple effects from purchases – will also deliver even greater economic benefits and make a significant step to kick-starting our recovery.

Officials have also been busy developing new plans and strategies as we seek to regrow the local economy. My Tourism Recovery Steering Group is helping the tourism and hospitality industry plan for recovery and growth.

The Economic Advisory Group is also playing an important role in the development of a long-term economic strategy for Northern Ireland.

We will get through this, and when we do, I and my Department will continue to provide the help and support needed.