Amendments made to Coronavirus Business Support Scheme criteria

Fri, 15 Jan 2021

Changes have been made to the Circuit Break Lockdown Coronavirus Business Support Scheme to provide support to a greater number of Island businesses and self-employed persons.

The revised scheme, based on Scheme introduced in March 2020, was launched yesterday and provides eligible businesses and self-employed persons with a £1,500 grant towards business overheads where they have been adversely affected by the circuit break lockdown measures.

The threshold requirement for eligible business overheads has been reduced from £500pcm to £250pcm, and the definition of eligible business overheads has been clarified and broadened.

Treasury Minister Alfred Cannan MHK said:‘We are pleased that for the most part, the new scheme has been received positively and that we have already been able to process applications and make the first payments within 24 hours of launching the scheme.

‘We have listened to feedback from businesses and recognise that the eligibility criteria needed to be clarified to ensure that support got to those who need it. We are absolutely keen to support businesses with their overheads when they have been impacted by the current lock down measures in order to ensure our economy is able to make a full recovery once restrictions are lifted.’

The Circuit Break Lockdown CBSS is open for applications and will close on January 31st 2021. Businesses can apply by visiting www.iomdfenterprise.im/financial-support/

Individuals who have been impacted by the current restrictions may be eligible for the Manx Earnings Replacement Allowance (‘MERA’) or the Salary Support Scheme (‘SSS’), both of which have been extended to the end of January.

Government-backed loan schemes are available via the Island’s banks via the Coronavirus Business Working Capital Loan Agreement, and the Disruption Loan Guarantee Scheme.

For further information on Coronavirus related Financial Assistance, please visit:www.gov.im/coronavirus

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Amendments made to Coronavirus Business Support Scheme criteria

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