The Isle of Man government announced, on 23 March 2020, a £100 million package of measures to assist businesses and workers through the unprecedented disruption caused by the coronavirus pandemic.
There are 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 are also designed to support affected businesses:
- Extension of the existing £3,000 grant to include small retail businesses and the self-employed in certain eligible sectors
- Coronavirus Business Interruption 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
There are also two further measures to remove bureaucracy and provide relief:
- Streamlining Processes – Work permit suspension for existing on-island workers
- Non-Government deferral – A range of support mechanisms to encourage relief to households and remove any eviction threat for individuals and businesses affected.
Treasury Minister Alfred Cannan said the “unprecedented” measures were to help islanders in their “hour of need”. He said they could be sustained for six months.
Further information can be found at https://covid19.gov.im/businesses/funding-policies/
Any relief under these measures will only be awarded on application. Sovereign Trust Isle of Man can assist clients with such applications if required.