Following the announcement by Finance Minister, Conor Murphy, of a support package for business, FSB NI Head of External Affairs, Roger Pollen has given a cautious welcome to the long-awaited assistance for Company Directors and newly self-employed, though expressed disappointment that greater direct financial aid wasn’t provided for those businesses required to close by the Executive’s current restrictions.
Commenting, Roger Pollen said:
“While we must wait to see the detail of all the new schemes, support for Company Directors and for those newly self-employed who weren’t previously eligible for other assistance is very welcome. FSB has been calling for this since the Spring when it first became clear that they had fallen through the cracks in numerous schemes, so this can’t come a moment too soon.
“However, given the enforced closures of so many businesses that rely on the crucial pre-Christmas period, the Executive has missed a major opportunity to give immediate and targeted financial assistance by enhancing the levels of support available from the existing established schemes that are operated by the Departments of Finance and the Economy.
“Instead of working within the existing funding structures, almost half of the funds in the Minister’s announcement are committed to a brand new high street voucher scheme that is yet to be designed for the New Year. We need to understand what the Executive is trying to achieve by its introduction; whether to inspire shoppers to return to the high street, or to put money into the hands of those businesses that were forced to close. We need to see the detail to know whether this will be the most effective way of keeping businesses supported and ensuring their survival beyond Christmas, because the level of support currently available is not enough to cover overheads and necessary employer contributions required as part of the furlough scheme.
“This new money is welcome but, in terms of turning policy into action, we continue to hear of many eligible businesses that have yet to receive support arising from the previous restrictions, so all possible efforts must be made to get funding to the bank accounts of businesses who desperately need financial assistance to stay afloat.
“While not included in the financial commitments in this announcement, discussion of a reduction in the rates burden for next year is important, as many businesses have now depleted their cash reserves, so any rates hike in the next financial year would be something they simply couldn’t afford.”