Update on New COVID Support Grants
Last month, Finance Minister Conor Murphy announced that new grant schemes would soon open to support businesses during the COVID-19 pandemic. Further details have now been announced on the support grants, which include:
Large Net Annual Value (NAV) Business Grant
The Large NAV Business Grant provides financial support to businesses that occupied commercial premises, with a NAV over £51,000 from 1 March 2021 and were awarded a year rates holiday for 2020/21. This scheme has been created to support businesses who are the main occupier of a property. Businesses who consider themselves eligible for support from this scheme can apply, even if they are not the named ratepayer on the business rate bill for the property.
It is important to note that only one grant will be paid to businesses which occupy multiple premises.
There is a cap of £50,000 in relation to the value of the grant payment that applicants can receive across the following COVID-19 grant schemes: the Large NAV Business Grant; the £25,000 Retail, Hospitality, Tourism and Leisure Grant; and the £10,000 Small Business Support Grant.
The rate of grant payment that will be issued to successful applicants through the Large NAV Business Grant will be calculated based on the level of support that has already been provided to the applicant business through these schemes.
Overpayments in relation to the Coronavirus Localised Restrictions Support Scheme will be offset against your Large NAV Business Grant (if your application is successful).
Large NAV Business Grant payments will begin to be issued to successful applicants from the end of May 2021. Eligible businesses must complete an online application and provide the required documents before they are considered for the grant.
For further information on eligibility and exclusions, click here.
Applications close on Wednesday 5 May 2021.
Manufacturing (Industrial Derating) Support Grant
Manufacturers with a Net Annual Value (NAV) between £15,001 and £51,000 who benefit from industrial derating will receive a £25,000 payment if eligible for the scheme.
Payments will be automatic, and ratepayers do not need to apply. Ratepayers who qualify for this grant will be informed by letter or email that a payment will be issued. It is anticipated that payments will begin to be issued on week commencing 26 April, and that all payments will be issued by the first week in May.
Businesses that deem themselves eligible for the Manufacturing (Industrial Derating) Support Grant are asked not to contact LPS regarding eligibility until after Monday 10 May 2021. Contact details for queries in relation to this scheme will be provided at that time.
For further information on the scheme and how to apply online, click here.
Retail, Tourism, Hospitality and Leisure Top-up Scheme
A further payment of £10,000 will be automatically issued to businesses that received the £25,000 Retail, Tourism, Hospitality and Leisure Grant and have not been paid under the Localised Restrictions Support Scheme or the COVID Restrictions Business Support Scheme (Part B).
Payments are automatic and ratepayers do not need to apply.
It is anticipated that payments will begin to be issued by the end of May 2021.
Businesses which started trading after applications for the £25,000 grant scheme closed, which would have been eligible for this grant, will not receive an automatic top-up payment but they will have the opportunity to apply for the top-up payment from early June 2021.
For further information on eligibility criteria, click here.
Small Business Support Grant Top-Up Scheme
A further payment of £5,000 will be automatically issued to businesses that received the £10,000 Small Business Support Grant in 2020 and have not been paid under the Localised Restrictions Support Scheme or the COVID Restrictions Business Support Scheme (Part B).
Payments will be automatic and ratepayers do not need to apply.
It is anticipated that payments will begin to be received by businesses by the end of May.
Businesses who started to trade after applications for the £10,000 grant scheme and who would have been eligible for this grant, will have the opportunity to apply for the top-up payment from the beginning of June 2021.
For further information on appeals processes, eligibility criteria and further details, click here.
If you have any questions, contact us.
Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.