Call Now: 028 9263 4135
e: info@exchangeaccountants.com

Applications for NI Micro-business Hardship Fund Now Open

By May 21, 2020 News

The new NI Micro-business Hardship Fund has been launched to help Northern Ireland based micro-businesses and social enterprises unable to access other regional and national COVID-19 support measures.

Summary of the scheme

  • The funding is available to businesses unable to access the £10,000, £25,000 and Covid-19 Childcare Support grant schemes.
  • In order to ensure that the £40 million budget is not exceeded, the final amounts awarded will depend on the number of successful applications.
  • The level of Hardship Fund grant will be up to £10,000 for businesses which pay business rates on premises and up to £5,000 for those that do not pay business rates. Businesses within each category will receive the same amount.
  • Only one grant will be paid to each eligible business, irrespective of how many properties the business occupies.

Eligibility

Who is eligible?

Businesses should ensure they meet the following criteria before applying to the fund:

  • The business must be based in Northern Ireland.
  • On 29th February 2020, the business must have employed between one and nine employees paid via PAYE.  Businesses, where the sole employee is the business owner or company director, are unfortunately NOT eligible for this scheme.  The number of employees will be based on headcount.
  • Since March 1st 2020, the business must have experienced a reduction in turnover in excess of 40% as a direct result of the COVID-19 pandemic or associated Government restrictions.

Who cannot apply

The NI Micro-business Hardship Fund is open to all micro-business and social enterprises excluding the following:

  • Primary agricultural producers i.e. those primarily concerned with crop or animal production or forestry or logging or fisheries or aquaculture.  However, agricultural businesses associated with the processing, marketing and retail of agricultural products can apply to the fund.
  • Businesses eligible for the following NI Executive schemes:
  1. £10,000 Small Business Support Grant Scheme
  2. Tourism and Leisure Grant
  3. £10,000 Small Business Grant for rental properties and Total NAV of £1,590 or below
  4. £25,000 Retail, Hospitality, Tourism and Leisure Grant
  5. COVID-19 Childcare Support Scheme
  • Charities or social enterprises with charitable status.
  • Social enterprises that receive less than 60% of revenue from trade in goods and/or services.
  • Businesses should note that other non-repayable Government grants related to COVID-19 will be taken into account and will be deducted, where applicable, from the final grant awarded.

Check if you’re eligible to apply

You can use the online eligibility checker to find out if you can apply for the NI Micro-business Hardship Fund.

Online Elgibility Checker

How to apply

You must complete the eligibility checker to apply for the fund. The online checker will help you find out if you qualify for the scheme. If you are eligible, the checker will direct you to the online application process.

Before you apply for the grant scheme, there are some steps that you can to take to prepare for completing your application.

Applications for the NI Micro-business Hardship Fund will close at 6pm on Friday 12th June 2020.

After you have applied

Payments will be made after the scheme has closed, and the number of successful applications is determined. You will be able to check the progress of your submitted application online by logging into your dedicated portal account.

Invest NI will process applications as quickly as possible. Once an application is approved, applicants will be notified by email that their application has been successful.  Unsuccessful applicants will also be informed by email.

Information needed for your application

If you are eligible, you will need the following information to complete the online application form:

  • Your business name.
  • Your contact name and number.
  • Your business address and postcode.
  • Your employer PAYE reference number, also known as an Employer Reference Number or ERN.
  • The number of staff on your PAYE payroll as of 29th February 2020 and evidence to support this.
  • Your LPS Ratepayer ID and Occupancy ID if you pay business rates.
  • Your VAT number if you are VAT registered.
  • Your business bank account number and sort code (only provide bank account details where a BACS payment can be accepted).
  • Details of any de minimis funding your company or any company within the Group (if applicable) has received in the current or previous two fiscal (accounting) years.

Prepare the electronic documents you need

You will also need to provide electronically:

  • A form of photographic ID as your proof of identity, such as a scanned copy of a valid passport or a current driving licence.
  • A scanned copy of a bank statement dated within the last three months for an account used by your business that clearly shows your address.
  • A scanned copy of your PAYE Real Time Information (RTI) return for the period ended 29th February 2020.

Please Note: The maximum file size of each attached document is 3MB.

The online application process will take approximately one hour to complete. You can save your application and return to it at any time before the closing date.

Applications for the NI Micro-business Hardship Fund will close at 6pm on Friday 12th June 2020.

If you don’t have any of this information or you are unsure what is being asked, please get in touch with us at Exchange Accountants.

We are here to help you.

Take Care and Stay Safe.