Question to the Northern Ireland Office:

To ask Her Majesty's Government what discussions they have had with the Northern Ireland Executive about the Chancellor of Exchequer’s COVID-19 support package to businesses in Northern Ireland.

The Secretary of State for Northern Ireland and cabinet colleagues hold regular discussions with Executive Ministers regarding how the UK Government can best support people, businesses and the economy in Northern Ireland through these challenging circumstances.

The UK Government is supporting businesses in Northern Ireland through a combination of UK-wide support measures and an additional £1.2 billion in Barnett consequentials for the Northern Ireland Executive. This additional funding is enabling the Executive to deliver support to businesses in Northern Ireland.

Businesses in Northern Ireland can access the following UK Government schemes:

• The Coronavirus Job Retention Scheme, where small and large employers are eligible to apply for a government grant of 80% of workers’ salaries up to £2,500 a month. The scheme will be backdated to 1 March and available for at least three months;

• The Bounce Back Loans Scheme, which will provide loans of up to £50,000 to benefit small businesses with a 100% government-backed guarantee for lenders. These loans will be interest free for the first 12 months and businesses can apply online through a short and simple form;

• The Self-Employed Income Support Scheme, which will provide a taxable grant worth 80% of average monthly profits over the last three years, up to a maximum of £2,500 a month to support self-employed workers, who are the lifeblood of the Northern Ireland economy;

• The Coronavirus Business Interruption Loan Scheme, which will provide loans of up to £5m, with no interest due for 12 months. This will provide significant help to SMEs in Northern Ireland impacted by the outbreak of COVID-19;

• The Future Fund, which will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. These convertible loans may be a suitable option for businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme;

• The Northern Ireland Office has signposted this information and additional support available from both the UK Government and the Northern Ireland Executive on GOV.UK to make it easier for NI businesses to access:

https://www.gov.uk/government/news/covid-19-guidance-information-for-ni-businesses-employers