Following an assessment of the economic impact of the circuit break lockdown by the Economic Recovery Group, it has been determined that the Coronavirus Business Support Scheme (‘CBSS’) will be reopened to a broad range of sectors and will provide a fixed payment of £1,500 for eligible applicants.
The Scheme is open to qualifying businesses and self-employed persons who can evidence that they have eligible ongoing business overheads of at least £500 per month. It runs alongside the existing MERA and Salary Support Scheme that have recently been extended by the Isle of Man Treasury.
The Coronavirus Business Support Scheme will open later today (Thursday 14 January), and will remain open for applications until 31 January 2021.
Applicants who received support during previous rounds of the CBSS will be fast-tracked. New applicants, or those that previously failed eligibility checks will be subject to full checks in respect of their Tax and VAT status as per previous rounds.
Minister for Enterprise, Laurence Skelly MHK commented:
‘The Economic Recovery Group has pledged to monitor the financial support available and react as necessary. We hope that this will be welcome news for the Island’s businesses and the self-employed, as we are conscious that this set of circuit break lockdown restrictions has come at a difficult time given the fact that we have just had the Christmas break, and some businesses are in a challenging cashflow situation.
‘By reopening the CBSS, we wish to provide sufficient support for businesses who need to access it so that we can protect the economic stability of the Island and ensure a speedy recovery once the current limitations are able to be lifted.’
Businesses are also able to access financial support through the Coronavirus Business Working Capital Loan Agreement, and the Disruption Loan Guarantee schemes, both of which have been extended to 31 March 2021.
Alfred Cannan MHK, Treasury Minister, said:
‘It is important for businesses to make use of all manner of support available to them, and Government backed loan schemes are still available and running through the Island’s banks. These arrangements to date have supported 60 businesses and helped to sustain over 500 jobs.
‘The extension to the end of March 2021 signals a continued commitment to provide Government-backed assistance to those in need. If your business is struggling and requires assistance, I strongly recommend that you speak to your bank to understand how they might be able to help you access these funds.’
Further details on all financial support schemes and how to apply are available on the Department for Enterprise website.