We all know we are in unknown waters as far as this sort of global pandemic is concerned and everyday presents a new challenge.
To assist businesses, the Isle of Man Government has released various financial measures to try and boost the economy and guide us through these times.
The key points from the recent announcement are:
- £3,000 Grant Scheme has been extended and is now applicable to self-employed people in the specified sectors as well as small businesses with one employee.
The sectors covered are:
- Tourist accommodation
- Catering, Entertainment and Leisure
- Travel and Tour Operators
To ensure you get the support you need as quickly as possible, you MUST complete the new enquiry form as the FIRST STEP: https://www.gov.im/businessenquiry
Follow the link to the application form: https://www.gov.im/media/1368801/coronavirus-business-support-scheme-application-form-180320.pdf
Wage Support Scheme
This scheme is for up to 12 weeks, businesses are given a flat rate £280 for every full time employee and pro rata for part time employees (applicable even if the staff member is working from home and can also be backdated to cover March payroll)
19 Manx Earnings Replacement Allowance
This gives any person who has been permanently or temporarily laid off or lost any self-employed work the option claim £200 per week for up to 13 weeks. If you are unfortunately still unemployed after 13 weeks, then you will be transferred to standard welfare support.
loan guarantee scheme with the main high street banks where the government will
underwrite 80% of the loans which will ultimately encourage the banks to lend
Tax and National Insurance payment deferment scheme where any liabilities
incurred can be postponed until June. This does not mean you do not have to
make your monthly/quarterly returns and filings but merely that payment does
not have to follow immediately.
Assistance Scheme to support any businesses wanting to change their operating
model. For instance restaurants now operating a take away/ delivery service
(provided you didn’t offer this before) can apply for assistance with the costs
of setting this up and implementing it.
- Emergency powers to prevent landlords from evicting tenants, both business and individuals to maintain critical assets such as visitor accommodation.
Please see the attached enquiry form link that has been provided by the Department of Enterprise. If you are unsure you can complete this form and you will be advised of what schemes are best for you.
Full details of the Coronavirus Business Support scheme can be found here
At Invicta we are here to help, please do not hesitate to contact us on 01624 672358 or firstname.lastname@example.org if you require any assistance.
In the meantime, please stay safe and take heed of the government advice on social distancing and isolation protocol.