Levels of Support
DfE has identified over 250 eligible businesses in Northern Ireland with a total NAV of £51,001 or more. It will follow a tiered payment support structure ensuring that businesses with higher NAV’s receive a higher payment reflecting higher fixed costs. The scheme will make a one-off payment based on weekly amounts of between £2,400 and £41,900 depending on an individual business’ NAV.
Eligible businesses will receive a single grant payment based on the relevant weekly amounts - eight weeks of support for the period of restrictions to 11 December 2020 (10 weeks in the case of businesses located in the Derry City and Strabane District Council Area) plus six weeks of support the period of restrictions from 26 December 2020 to 6 February 2021.
For example, businesses where the NAV is £51,001 to £60,000 will receive £2,400 per week. This will increase to £2,900 per week for businesses where the NAV £60,001 to £70,000 and £3,400 per week for businesses where the NAV is £70,001 to £80,000. This pattern continues up to a NAV of £600,000.
From £600,001 onwards the NAV bands are widened to £100,000 with increments of £2,500. For example, £31,900 per week for a business with a NAV of £600,001 to £700,000 and £34,400 per week for a business with a NAV of between £700,001 and £800,000. Finally business where the NAV is £1,000,001 or greater will receive a maximum of £41,900 per week.