Economic Recovery Group Announce Further 'Transition Payment' to support hospitality sector

The Economic Recovery Group has announced that further support will be provided to the Island’s hospitality sector, in light of the continued impact of ongoing border restrictions.

The Business Premises Support Scheme – which is a grant payment based on the annual cost of commercial premises business rates - will be extended to eligible businesses as the Island transitions to unrestricted trading conditions over the next three months.

For each of the months of June, July and August, eligible applicants will receive a grant which is equivalent to their annual rates bill for each of their commercial premises. The support will be provided in one lump payment to cover the three month payments in order to streamline the process for applicants, and further information on how to apply will be made available early next week.

In order to be eligible, businesses and self-employed persons must declare that their turnover has been materially impacted by at least 25% against May 2019, and must operate from commercial premises.

Treasury Minister Alfred Cannan MHK, said:

‘At a time when our Island would normally be welcoming thousands of tourists to our shores, we recognise that the hospitality sector continues to be impacted by the residual effects of Coronavirus.

‘As part of our economic recovery, we are working on stimulus activity that will provide sustainable support for our domestic economy, and we look forward to launching these shortly, but we also appreciate the concerns our hospitality businesses have raised regarding more immediate sustenance to enable them to trade successfully over the next three months transition period. By extending the Business Premises Support Scheme, we are providing a cash injection which will help alleviate cashflow issues and immediate costs to business.’

A further announcement once the application process is open will be made shortly, and further information made available at: www.gov.im/coronavirus