Circuit Break CBSS for Isle of Man Businesses and self-employed
The Department for Enterprise has announced an additional Coronavirus Business Support Scheme ('CBSS') for Isle of Man businesses following the implementation of the circuit break lockdown.
The Coronavirus Business Support Scheme – Circuit Break Lockdown ('CBSS – CBL') was established in January 2021 to provide grant assistance to support local businesses and self-employed individuals in designated sectors that have been financially affected through reduced trading due to the COVID-19 pandemic.
The purpose of the Scheme is to provide support by way of financial assistance for eligible business overheads to those applicants that meet the Scheme's eligibility criteria.
The Scheme offers financial support to eligible applicants in the form of a single grant payment of £1,500.
Eligible applicants must declare that:
- They have been adversely financially affected by the COVID-19 outbreak;
- They have usual eligible monthly business overheads of more than £500 per calendar month
Applications for this payment round will open later today (14th January 2021) and close on 31st January 2021.
Businesses in the Tourism & Travel sectors who have previously received Coronavirus Business Support Scheme (Round 4) or Financial Assistance Scheme (Appendix 10 – now called the Coronavirus Recovery Scheme) for the period January 2021 to March 2021 will not be eligible for this Scheme, due to existing support schemes being in place - please see below.
CBSS for Travel and Tourism businesses
Extensions to the CBSS have been made on an ongoing basis for eligible Travel and Tourism businesses which remain financially affected by the continuing restrictions placed on the Island's borders due to the COVID-19 pandemic.
The Coronavirus Business Support Scheme was established in March 2020 to provide grant assistance to support local businesses in designated sectors that have been financially affected by the global COVID-19 pandemic.
The Scheme was amended in July 2020 and further amended in October 2020 and December 2020 to allow an additional round of funding to certain eligible businesses in the Tourism and Travel related sectors who have suffered a 50% reduction in turnover caused by the Island’s border restrictions.
The purpose of this update to the Scheme is to provide a further three months’ support by way of financial assistance to those applicants that meet the Scheme’s eligibility criteria.
The Scheme offers financial support to eligible self-employed* applicants in the form of a grant payment of £3,000.
*Self-employed is defined as:
- Self-employed individuals;
- Sole traders owning a business with no staff other than the owner;
- Partnerships where both parties are the owners and have no other employees; and
- Businesses including limited companies with no staff other than the owner(s).
Eligible applicants MUST declare that:
- More than 50% of their annual income is ordinarily derived from tourism and travel activities from inbound and/or outbound travel
- They have suffered a 50% reduction in turnover in the period October, November and December 2020 due to ongoing border restrictions as a result of COVID-19 compared to the same period in 2019
- Important note - Any previous CBSS funding received in the period October-November-December 2020 must be included as income when applicants are determining whether the business has endured a 50% downturn in income when comparing this same period in 2019 and 2020.
- Important note - The Department may request evidence to verify that the application satisfies this condition by providing turnover figures for October, November and December in both 2019 and 2020.
In the case of start-up businesses, which must have been in operation prior to 28 February 2020, an individual assessment will be made. Businesses which did not come into operation until after 28 February 2020 are ineligible under the scheme.
Applicants MUST read the full Scheme Guidelines before submitting an application to the Department.
Further details, including the online application form, scheme eligibility and guidelines can be found at the Department for Enterprise's Coronavirus Business Support Scheme page.