Changes have been made to the Circuit Break Lockdown Coronavirus Business Support Scheme to provide support to more businesses and the self-employed.

The revised scheme provides eligible businesses and self-employed persons with a £1,500 grant towards business overheads where they have been adversely affected by the circuit break lockdown measures.

Treasury Minister Alf Cannan has lowered the threshold requirement for eligible business overheads from £500pcm to £250pcm and the definition of eligible business overheads has been clarified and broadened.

Mr Cannan said: ‘We are pleased that for the most part, the new scheme has been received positively and that we have already been able to process applications and make the first payments within 24 hours of launching the scheme. We have listened to feedback from businesses and recognise that the eligibility criteria needed to be clarified to ensure that support got to those who need it. We are absolutely keen to support businesses with their overheads when they have been impacted by the current lock down measures in order to ensure our economy is able to make a full recovery once restrictions are lifted.’

The CBSS is open for applications and will close on January 31. Businesses can apply by visiting www.iomdfenterprise.im/financial-support/

People who have been impacted by the current restrictions may be eligible for the MERA or the Salary Support Scheme,  both of which have been extended to the end of January.

Gov backed loan schemes are also available via the island’s banks via the Coronavirus Business Working Capital Loan Agreement, and the Disruption Loan Guarantee Scheme.

For further information on Coronavirus related Financial Assistance, please visit:www.gov.im/coronavirus