Gov't announces £9million business support package

Aimed at helping sectors in light of ongoing Covid pressures

Government has announced a further £9million of support for Island businesses.

The new assistance from the Economic Recovery Group is aimed at supporting sectors in light of ongoing pressures around Covid-19.

A grant is being made available to businesses in the hospitality, catering, non-essential retail and lifestyle sectors with commercial premises which have suffered a 25 per cent or more downturn in trade.

It'll be the equivalent to four years' business rates to cover premises costs from December this year to March 2022.

Companies in those areas without commercial buildings will be eligible for a one-off £4,000 payment to cover the same period.

Meanwhile, the Strategic Capacity Scheme; Coronavirus Recovery Scheme; Coronavirus Business Adaptation Grant and Domestic Events Fund have all been extended until March.

The Domestic Events Fund will now also be available to single venues in the hospitality sector.

Elsewhere, an extra £3,000 grant will be available to non-essential retail, hospitality, catering and lifestyle companies in January next year.

Firms in those sectors will have to prove a 25 per cent or more decline in trade during this month to be eligible.

Treasury Minister, David Ashford, says the next few months are going to be tough on certain sectors and Treasury is committed to continuing this support into next Spring.

A full list of the packages is available below:

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- A grant will be offered to all businesses that have suffered a 25% downturn in the qualifying period, in the catering, hospitality, retail (non-essential), and lifestyle sectors with commercial premises equivalent to four years’ business rates, which is intended to provide support for premises costs for the period of December 2021 to March 2022. Those businesses without commercial premises can claim a single grant payment of £4,000 to cover the same period.

- The Strategic Capacity Scheme (SCS) which supports tourist accommodation providers will be extended until March 2022.

- Support for Allied tourism and travel businesses (self-employed and sole traders) will also be extended for the period January to March 2022, in the form of a single grant payment of £3,000.

- The Coronavirus Recovery Scheme (CRS) will be extended until March 2022 for those allied tourism and travel businesses with staff other than the owners.

- The Coronavirus Business Adaptation Grant will be extended to March 2022 supporting a broad range of sectors with the ability to enhance their offering, for example by developing online services for customers or improving ventilation systems.

- An additional £3,000 one off grant will be available for retail (non-essential), catering, hospitality and lifestyle sector businesses in January 2022 that can demonstrate a 25% downturn in business for December 2021.

- The Domestic Event Fund has been extended until March 2022 and enhanced to include single venues within the hospitality sector.