Mr Patsy McGlone (Mid Ulster): To ask the Minister for the Economy, pursuant to AQW 4009/17-22, what further review has been undertaken to develop financial support for manufacturing businesses with a total Net Annual Value over £15,001. [Priority Written]
Minister for the Economy: This is an evolving situation and my Department, along with Executive colleagues, continue to consider all potential options to identify further means of offering support to as many local businesses as possible during the Covid-19 pandemic.
As previously referenced in AQW 4009/17-22 the NI Micro-Business Hardship Fund provided £40 million of funding to microbusinesses who did not qualify for the existing schemes and require financial support due to the impact of Covid-19. This scheme was open to manufacturing businesses should they meet the eligibility criteria.
Additionally there are a range of UK wide measures that have been made available to manufacturing businesses, including the Coronavirus Job Retention Scheme, which allows businesses to access support to continue paying part of their employees’ salary. HMRC will pay 80 per cent of wages for furloughed staff, up to £2,500 per month until October 2020.
The Coronavirus Business Interruption Loan Scheme provides financial support to SMEs with turnover up to £45m, and the Bounce Back Loan Scheme opened on 4 May 2020 and operates to support the smallest UK businesses.
Further info on all UK wide support can be found at
https://www.nibusinessinfo.co.uk/business-support/coronavirus
ENDS
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