There have been more than 1,000 applications from businesses in need of emergency funding.

Enterprise Minister Laurence Skelly told a press briefing that his department and Treasury have been ’working round the clock’ to provide essential funding and support for businesses.

He said there had been over 1,000 applications to the businesses support scheme and 400 of these had been processed so far. The scheme, which offers direct grants of £3,000, had been modified to make it more accessible to the hardest hit sectors.

Mr Skelly announced a new strategic capacity scheme aimed at helping the tourism accommodation sector ’put their affairs in order and their businesses intact’ during an extended period of no income.

He said businesses had ben deeply disrupted and important sections of the economy asked to close.

He said: ’I have never seen the island’s resilience put to such a test. A robust economy and thriving businesses have faced a series of extraordinary challenges.’

Mr Skelly said firms have embraced social distancing. He said: ’Huge swathes of the economy working from home.

’The vast majority of our finance profession services, IT and e-gaming are all predominantly working in this space, some companies delivering their services with 99% of their staff at home.’

The Minister said some firms have adapted their entire business model, not only for their survival but to provide important services to the community. He praised restaurants and bars for offering take-away options and special delivery for the elderly and vulnerable.

Island manufacturers had ’sprung into action’ to design and produce essential medical equipment to fight Covid-19, he said.