Applications Open for New Support for Businesses Impacted by COVID-19

 

Applications are open for additional COVID-19 financial support, providing grant assistance to businesses and self-employed persons that have been negatively impacted by the recent rise in COVID-19 cases in the Island.

The additional support is available for customer facing businesses who are unable to work from home, including those operating in the catering, entertainment, hospitality, leisure, lifestyle and retail sectors plus a number of service sectors. 

Financial assistance will be provided in the form of a grant, and has been designed to support businesses and self-employed individuals whose business has been impacted by the self-isolation requirements for business owners and staff, or a drop in customer demand, which has led to more than a 25% reduction in turnover.

Applicants can complete a single application form and, dependant on their individual circumstances, can claim either a grant equivalent to the value of one year’s rates payment for each of their commercial premises, or a grant payment of £1,000. 

The extended support, approved by the Economic Recovery Group, will be facilitated through the existing Business Premises Support Scheme and the Coronavirus Business Support Scheme.Eligible applicants who operate from commercial premises can apply to receive either a grant equivalent to one year’s rates bill for each of their commercial premises, or a single grant payment of £1,000 if their annual rates bill(s) is less than £1,000.

Eligible applicants who do not operate from commercial premises, or do not contribute to the cost of rates for the commercial premises, can apply to receive a single grant payment of £1,000.

Grant support under either route is subject to evidence of a decreased turnover of 25% or more in July 2021 against July 2019 or July 2020 and can be used toward any business overheads and staffing costs, to alleviate cash flow issues.

Applications have opened and will close on Friday 17th September at 17:30. The full guidance, including eligibility criteria and a link to apply can be found at: https://www.iomdfenterprise.im/coronavirus/extended-support

Potential applicants who are unsure of their eligibility are encouraged to contact the Department for Enterprise by email at enterprisesupport@gov.im or by telephone on 687333.The availability of this support follows the announcement of a temporary increase to the rate of Incapacity Benefit for the first 14 days of absence from work, in order to improve support for persons unable to work due to isolation.

More information on the Incapacity Benefit, including how it can be claimed, can be found at: https://www.gov.im/categories/benefits-and-financial-support/social-security-benefits/incapacity-benefit/
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