Total applications and payments processed to date as of Monday 24th January 2022.
Value of payments
The Economic Recovery Group has announced new and extended measures to support local businesses in light of continuing pressures around COVID-19.
This includes a grant payment offered to businesses in an eligible sector which have suffered an 18.6% downturn in a qualifying period (reduced from 25% owing to an inflationary adjustment). Additionally, businesses who declare they have experienced an increase in staff costs over the same period are only required to demonstrate a 15% reduction in turnover against the chosen period.
Businesses are able to choose the qualifying period as any three consecutive months from September 2021 to March 2022, compared to the same period in either 2019 or 2020.
Eligible sectors include catering, hospitality, retail (non-essential), and lifestyle sectors. The aim of the Scheme is provide support during the period December 2021 to March 2022.
Financial assistance available under this Scheme for eligible businesses is either:
Applications for this Scheme opened on Friday 10th December 2021 and will close on Friday 15th April 2022 at 5:30pm. Any issues with submitted applications must be resolved by Friday 29th April 2022. Failure to resolve issues by this date will result in the application being closed and no payment will be made.
The Economic Recovery Group also announced a further grant of up to £6,000 for businesses in the same sectors to specifically cover any impact on trading in December 2021 and the usually busy Christmas period. Click here for more information and to apply.
In order to qualify for the Scheme and financial assistance all applicants must:
a) Have experienced an 18.6% or more reduction (further reduced to 15% for those businesses who declare increased staff costs) in turnover during the three months prior to application date compared to same period in 2019 or 2020. Important note – New startup businesses which do not have comparable trading figures may be eligible. New startup businesses are encouraged to contact the Department prior to applying to discuss their eligibility
b) For a self-employed applicant only, confirm that the business is their primary source of income. Please refer to the below definition of primary source of income;
c) To the best of its knowledge, intend to continue trading through the current difficult conditions into at least the short to mid-term future and that if the business closes the grant may be repayable;
d) Not be in an excluded sector as outlined in the Guidance (3c);
e) Have been in operation continuously for a period that commenced no later than 1st September 2021;
f) Have annual profits or gains wholly or mainly from a relevant sector as set out in this Guidance;
g) Not have any overdue payments of more than three months which are more than £3,000 relating to Income Tax, National Insurance and VAT. Important note - However, those applicants who engage with the Treasury to resolve their debts may be eligible for support. Applicants who may be in this situation are encouraged to apply and full tax/ITP/NI checks will be undertaken to determine the current status and eligibility; and
h) Meet other Income Tax, NI and VAT compliance criteria.
Additional criteria specifically for self-employed applicants:
i) Be a self-employed earner as defined by the Social Security Contributions and Benefits Act 1992;
j) Have already notified the Treasury under regulation 87 of the Social Security (Contributions) Regulations 2001 of their liability to pay Class 2 National Insurance Contributions or notified the Assessor of Income Tax of any income from self-employment;
k) Have been in operation, in the capacity specified in (i) continuously for a period that commenced no later than 1st September 2021; and
l) Derive his or her primary source of income, other than income which may be received via a pension entitlement, from an eligible sector (a full list of ineligible sectors are listed in the Scheme Guidance).
The intention of the Scheme is to primarily support businesses in the following sectors:
Excluded sectors are any business which falls into the below sectors:
Further information on the new and extended measures announced by the Economic Recovery Group can be found by visiting: https://covid19.gov.im/news-releases-statements/9m-of-further-covid-support-for-businesses-this-winter/