Northern Ireland offers £370m in grant schemes to aid struggling businesses

New grant schemes totalling £370 million have been launched by the Northern Ireland Executive to immediately help businesses in the North who are struggling because of the coronavirus outbreak, the North’s Deputy First Minister has announced.

Michelle O’Neill said the Executive is also considering “further measures” to help firms because she said “it cannot be business as usual”.

“This virus has changed everything,” the Deputy First Minister said.

Mrs O’Neill and the North’s First Minister, Arlene Foster, held a joint press conference on Wednesday evening to outline the Executive’s response to the coronavirus.

Coronavirus: ECB launches €750bn bond buying programme

---

ESRI warns of recession if outbreak lasts more than three months

---

Coronavirus will create multiple challenges for the next government

---

Coronavirus: Interest rate on Irish bonds rises sharply

---

Both ministers said it was clear that Covid-19 was not only a public health crisis but also an economic crisis.

“This is already impacting our economy, businesses, public services, jobs, and people’s livelihoods

“And it’s a very difficult time and we know you need our full support and resources,” Mrs O’Neill said.

The Deputy First Minister said the Executive’s response includes an immediate grant of £10,000 for small businesses who are eligible for the Small Business Rate Relief Scheme to help “ease their immediate cash flow pressures” “An immediate grant of £25,000 will be provided to companies in the retail, tourism and hospitality sectors with a rateable value between £15,000 and £51,000,” Mrs O’Neill added. The Executive has also already confirmed it will provide a three month rates holiday to all businesses in Northern Ireland from April to June.

Despite the package of support it has come too late for many firms in the North who have temporarily laid off more than 1,000 people in the last 24 hours.

This includes Sean Graham, the family run bookmakers, who plans to temporarily close all of its 34 shops and temporarily lay off the majority of its workforce of nearly 150 people.

ends