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Monetary Support and Grants for the Isle of Man Community

Initially, a grant scheme of £3000 was rolled out to employers in the tourist accommodation, catering and entertainment, travel and tour operators, and logistics industries.  This has subsequently been extended to include self-employed individuals, and employers with only one employee in specified sectors, plus small retailers. 

Treasury Minister Alfred Cannan MHK said, “We are listening to the community and responding with measures which will enable our Island and its working population to recover quickly once we begin getting back to normal.

It is clear that many need a degree of short-term support whilst they are suddenly unable to work.  This grant will provide some respite to those in the construction and education sectors, including childcare and nurseries, whose ability to earn an income has been temporarily removed.”

Other initiatives in brief to date include:

  • A COVID-19 Wage Support Scheme to help viable businesses retain staff, for 12 weeks (a flat rate contribution of £280 per week for every full-time equivalent staff member and pro-rated for part time employees)

  • A COVID-19 Earnings Replacement Allowance for people who have been temporarily or permanently laid off, or those who have lost their self-employed work, since 2 March 2020 will be paid an income of £200 per week for 12 weeks

  • VAT and employers National Insurance taxes deferred between now and 30 June 2020 into 2021, should they need to do so

  • Provision to prevent landlords from evicting tenants (both business and personal) for non-payment of rent for a limited period

  • Measures to extend the National Insurance holiday scheme to sectors such as tourism, travel, catering and leisure

  • Work permit suspension for existing on-Island workers

  • Working with commercial Banks on a Coronavirus Business Interruption Loan Guarantee Scheme to support up to £60m of new lending; with the Government underwriting 80% of new lending to businesses with a turnover of up to £10m 

  • Strategic Investment Fund to improve cash flow, allowing Government to acquire legal title to assets (land, property, equipment, etc) from businesses in return for cash where the they can demonstrate that they will be able to maintain employment

  • Strategic Capacity Scheme of up to £5m for the tourist accommodation industry to help preserve the future economic prosperity of the Island, as a one-off payment in recognition of their lost earnings and to help avoid collapse

  • Accelerated Capital Projects to drive increased construction capacity to generate cash flow and investment in the Island’s economy,

  • An Adaptation Grant of £3.5m being made available for businesses looking to evolve in current climate with matched funding available.

  • If absolutely necessary, Rate payments may be deferred.

 

For the latest updates and more information about these initiatives, please refer to https://www.gov.im/covid19support

About the author

Nigel was born and educated in the UK and moved to the Isle of Man in 1995. He previously held leadership roles at a private bank, trust company and AIM-listed ...

Contact Nigel Gautrey MA, Chartered MCSI, DipIoD, FLIBF

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