The Isle of Man Government has set out a package of measures, subject to Tynwald approval, to support local businesses throughout the unprecedented disruption caused by COVID-19.

This includes the following new measures:

Two core packages to support businesses and protect workers:

• COVID-19 Salary Support Scheme - to help businesses retain their staff
• Manx Earnings Replacement Allowance ("MERA") - for people out of work

Seven additional measures to support affected businesses:

• Extension of the existing £3,000 Coronavirus Business Support Scheme to include small retail businesses and the self-employed in certain eligible sectors
• Coronavirus Business Adaptation Scheme for existing businesses looking to evolve in current climate with matched funding available
• Disruption Loan Guarantee Agreement working with banks
• VAT Deferment Initiative for VAT payments
• Strategic Investment Fund to improve cash flow
• Strategic Capacity Scheme for tourist accommodation providers
• Accelerated Capital Projects to drive increased construction capacity as and when appropriate to do so

Two further measures to remove bureaucracy and provide relief:

• Streamlining Processes - Work permit suspension for existing on-island workers
• Non-Governmental Support – A range of support mechanisms to encourage relief to households and remove any eviction threat for individuals and businesses affected.

Detailed descriptions on how to access support through any of these measures is available at https://covid19.gov.im/businesses/funding-support/

To find out which of these schemes you may be eligible for, please follow our Assessment Tool.

Alternatively, please complete our Business Enquiry Form to find out more about the schemes listed above.

Acknowledging the urgency of financial support sought during this difficult time, the Business Support Team are working exceptionally hard to ensure payments for all eligible applications are processed as quickly as possible.

To stay up to date with the latest advice and guidance relating to COVID-19, please regularly visit https://covid19.gov.im/