The NI Coronavirus Grant Scheme will see eligible businesses get up to £600 per week for the duration of the restrictions.
Making the announcement, Minister Murphy said, “The restrictions imposed in Derry and Strabane are necessary to preserve lives.
But, he acknowledged, “they have a very damaging impact on the hospitality sector.”
“I am introducing a Grant Support Scheme to assist those businesses forced to temporarily limit their operations,” he explains.
Small businesses will receive £800 for every two weeks they are closed.
Larger businesses will receive £1,200 for two weeks.
“This is above comparable schemes on these islands,” Murphy insists.
The grant scheme is in addition to the 12 months rates holiday which continues until the end of March 2021.
Minister Murphy continued, “The Executive is doing its best to mitigate the economic impact of Covid-19.
“However, the main support needed for businesses which cannot trade fully is wage subsidy,” he insists.
“The end of the British Government’s furlough scheme at the end of this month is therefore deeply worrying.
“I again call for this scheme to be extended, particularly for businesses forced to close,” the Finance Minister adds.
A business will be eligible for support from the scheme if it operates from an address in the Derry City and Strabane District Council area.
The business should also have been identified by the Derry City and Strabane District Council Environmental Health department in one of the following categories: Cafes, Restaurants, Hotels or Guest Houses.
Full details and eligibility criteria are available by clicking HERE.