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:
Seven additional measures to support affected businesses:
- Extension of the existing £3,000 Business Support Grant to include small retail businesses and the self-employed in certain eligible sectors
- An Adaptation Grant for existing businesses looking to evolve in current climate with matched funding available
- Coronavirus Business Interruption Loan Guarantee Scheme 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-Government Deferral – 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 www.gov.im/covid19support
Anyone wishing to apply for support is asked to be patient as the recently agreed measures represent a significant challenge to introduce in a short time.
To stay up to date with the latest advice and guidance relating to COVID-19, please regularly visit gov.im/coronavirus