Support Options for Businesses Operating in the Travel & Tourism Sector
The following options have been developed to support businesses operating in the Travel & Tourism sectors who have been financially affected by the global COVID-19 pandemic.
Coronavirus Business Support Scheme (CBSS) - Round 6
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.
This Scheme supports sole-traders/self-employed individuals operating in the travel and tourism sector.
Strategic Capacity Scheme
The Coronavirus Strategic Capacity Scheme was established to provide financial assistance to Tourist Accommodation businesses, with a focus on supporting 'mothballing' and 'local supply chain' costs. This is to ensure the Island retains its strategic tourist accommodation capacity during the COVID-19 pandemic. The Scheme is intended to assist a more rapid recovery as the situation improves.
Business Overheads Grant
The Business Overheads Grant is formed under the Coronavirus Recovery Scheme, which provides financial assistance in the form of a grant payment to those applicants that meet the Scheme’s eligibility criteria to support the costs of adapting a business and/or support towards essential ongoing operational costs, including salaries.
The Business Overheads Grant is available exclusively for businesses operating in the tourism and travel related sectors, and offers financial assistance in the form of a grant towards the demonstrated short term (i.e. 6 months) forecasted cash flow requirements for eligible costs which includes salaries and overheads on a case by case basis.
This Scheme supports organisations operating in the tourism and travel sectors who employ staff, other than the owners.
For more information on the funding and support options available for businesses, visit: https://covid19.gov.im/funding-support-for-employers/