This COVID-19 Financial Support Update is a unique single reference source of the financial supports available to businesses in Northern Ireland and Ireland.
The evolving Coronavirus pandemic, and the implementation of Brexit and the NI Protocol means that we are currently living in unprecedented and extraordinary times in terms of the uncertainty and volatility in economic activity.
The reality is that we must plan in the short term for living with and post Covid-19, and adjust for the implications imposed by Brexit and NI Protocol. From an economic perspective, things will be different. Business relationships with UK mainland, Northern Ireland, Ireland and the EU have entered a new phase. From a Covid-19 perspective, some behaviours and attitudes will have changed. There will be a greater demand to accelerate digitalisation. Health will become a fixation and environmental, green and sustainability issues will come to the fore.
PKF-FPM aim to keep in touch with clients by providing continual updates of the support measures available to businesses operating across Northern Ireland & Ireland. The COVID-19 Financial Support Update incorporates further clarity, as of the 16th April, of schemes on offer to businesses operating on the island of Ireland, North and South.
We have been very encouraged by the positive feedback and recognition that our Coronavirus updates have received. It is acknowledged that this is an extremely fluid and changing environment and as a result we will continue to provide further Coronavirus Updates in light of this.
Changes since our last update include:
Northern Ireland |The UK Government announced their 2021 Budget which introduced changes to key COVID-19 supports, most notably: the extension of the Coronavirus Job Retention Scheme until 30 September 2021, two additional grants for the self-employed and the launch of the Recovery Loan Scheme. Furthermore, the NI Executive announced a new £177.9m grants package which is expected to support approximately 20,000 businesses in NI.
Ireland | In March the Irish Government launched the Small Business Assistance Scheme for Covid (SBASC). This is a grant for businesses that do not qualify for CRSS and provides a contribution towards fixed costs. The Government has also extended a number of the supports which were due to expire on 31 March 2021. The CRSS, Pandemic Unemployment Payment and Employment Wage Subsidy Scheme will now run until 30 June 2021.