The total budget allocated for the NI Self-Employed Support Scheme is £10million.
The Newly Self-Employed Support Scheme (NSESS) will open at 6 pm today.
The Minister said, “I am pleased to be able to announce this new support scheme which will help thousands of more businesses in need across Northern Ireland.
“It will provide financial support to newly self-employed individuals (sole traders and those in partnerships) whose business is adversely impacted by Covid and who have not been able to access support from the UK government’s Self-Employed Income Support Scheme.”
A one-off taxable grant of £3,500 will be provided.
This will enable support to be provided to approximately 2,900 newly self-employed individuals.
Newly self-employed individuals (sole traders and those in partnerships) will be eligible for the NSESS if they commenced trading as self-employed between 6 April 2019 and 5 April 2020 and their business has been adversely impacted by Covid-19.
Their trading profits for 2019/20 must be below £50,000.
Invest Northern Ireland will deliver the scheme on behalf of the Department for the Economy.
The scheme will close to applications at 6 pm on 7 January 2021.
At scheme closure, any underspend will be considered and a top-up grant may be paid to eligible applicants.
The Minister will present a scheme for limited company directors to the Executive and, subject to their approval, more details will be provided as soon as possible.
Find out more about the scheme here.
PS: If you like my content and find it useful, you’ll LOVE my new weekly newsletter, Paul of Duty: Modern Marketing. It’ll be delivered right to your inbox every Friday afternoon.