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 Wage Support Scheme to help business retain staff
- COVID-19 Earnings Replacement Allowance for people out of work
Seven additional measures to support affected businesses:
- Extension of the existing £3,000 grant to include small retail businesses and the self-employed in certain eligible sectors
- Isle of Man Disruption 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
- An Adaptation Grant for existing businesses looking to evolve in current climate with matched funding available
Two further measures to remove bureaucracy and provide relief:
- Temporary Work Permit Relaxation
- Non-Government deferral – A range of support mechanisms to encourage relief to households and remove any eviction threat for individuals and businesses affected.
To enquire or find out more about the schemes listed please complete our online form.