Extra Support for Businesses

Businesses that voluntarily closed on the infamous weekend before lockdown will be given £250 in compensation, the Treasury has announced.

It is part of further support announced by the Treasury to support those businesses, individuals and self-employed persons who continue to be impacted by the most recent lockdown.

The existing Financial Support schemes will be extended to ensure support is in place for the duration of the circuit break restrictions. Additional support and grants have also been announced.

The Salary Support Scheme will be extended throughout the months of March and April, at the current increased rate of £310 per week. The Manx Earnings Replacement Allowance has also been extended on increased rates (of £230 per week) until April 12.

In recognition of the circuit break extension, the Coronavirus Business Support Scheme will provide an additional £1,000 payment for all businesses who have already applied for and received the current CBSS payment of £1,500. This will be facilitated as a one-off automatic payment in order to minimise the administrative liability to businesses.

New Payments

As part of the measures, two additional payments have been introduced by the Treasury. The Domestic Business Payment will support certain businesses who operate from commercial premises, including those in hospitality and retail, with a grant (in addition to the CBSS payment), equivalent to one year’s rates. This grant represents up to £7.3 million worth of support directly to impacted businesses.

Further, in recognition of the disruption caused by the Stay at Home request on the weekend of February 27, and the ensuing loss of supplies that this meant for many businesses in the hospitality sector, a grant of £250 per eligible business which closed towards losses over that weekend.

More info on how to apply for each of the extended or new schemes will be made available later this week.

Treasury Minister Alf Cannan said: ‘We have been in ongoing communication with businesses and it is clear that the second circuit break of 2021 is having a greater impact on the economy and domestic businesses than previous lockdowns, particularly those facing cash flow issues as a compound effect of the first circuit break lockdown. The month of February was also disrupted by weather, which we recognise has made trading conditions difficult.

‘While the current restrictions are necessary to protect our health care service and save lives, we absolutely acknowledge that they come at a cost to the Island’s businesses and people. Therefore, the Economic Recovery Group have agreed to not only extend, but enhance, the level of support that we are providing. We thank the Island’s business community for their continued dedication and support.’

Information on current schemes and financial support can be found on the Coronavirus website at www.gov.im/coronavirus.

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