The government’s Coronavirus Business Support Scheme (CBSS) has reopened to a broad range of sectors and will provide a fixed payment of £1,500 for eligible applicants.

The scheme is open to qualifying businesses and self-employed persons who can supply evidence that they have eligible ongoing business overheads of at least £500 per month.

It runs alongside the existing MERA and Salary Support Scheme that have recently been extended by the Treasury.

The Coronavirus Business Support Scheme will remain open for applications until January 31.

Those who received support during previous rounds of the CBSS will be fast-tracked.

New applicants, or those that previously failed eligibility checks, will be subject to full checks in respect of their tax and VAT status as per previous rounds.

Minister for Enterprise Laurence Skelly MHK commented: ’We hope that this will be welcome news for the island’s businesses and the self-employed, as we are conscious that this set of circuit-break lockdown restrictions has come at a difficult time given the fact that we have just had the Christmas break, and some businesses are in a challenging cashflow situation.’

Businesses are also able to access financial support through the coronavirus business working capital loan agreement, and the disruption loan guarantee schemes, both of which have been extended to March 31.

Treasury Minister Alfred Cannan MHK said: ’It is important for businesses to make use of all manner of support available to them, and government-backed loan schemes are still available and running through the island’s banks. These arrangements to date have supported 60 businesses and helped to sustain more than 500 jobs.’

Further details on how to apply at: https://www.iomdfenterprise.im/financial-support/funding/cbss-cbl