03 Dec 2020

Dodds announces new support scheme for newly self-employed

Economy Minister Diane Dodds today announced a new Covid-19 support scheme for the newly self-employed.

The total budget allocated for the scheme is £10million. The Newly Self-Employed Support Scheme (NSESS) will open at 6pm today.

The Minister said:

“I am pleased to be able to announce this new support scheme which will help thousands 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 and over 50% of their income must be from self-employment.

Invest Northern Ireland will deliver the scheme on behalf of the Department for the Economy.

The scheme will close to applications at 6pm 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.

More details about the scheme can be found on NIBusinessInfo.co.uk