Manx businesses and self-employed residents offered £1,500 fixed payment

Credit: ITV Granada Reports

A fixed payment of £1,500 has been made available for Manx businesses and residents who are self-employed while the Isle of Man remains in lockdown.

Payments will be made available to those who can evidence that they have eligible ongoing business overheads of at least £500 per month.

The Manx government has reintroduced the Coronavirus Business Support Scheme (CBSS) amid the Island's 'circuit break' lockdown and plan to keep applications open until 31st January.

It will run alongside the existing Manx Earnings Replacement Allowance (MERA) and Salary Support Scheme.

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 over 500 jobs.

Alfred Cannan MHK, Treasury Minister

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 31st March 2021.

By reopening the CBSS, we wish to provide sufficient support for businesses who need to access it so that we can protect the economic stability of the Island and ensure a speedy recovery once the current limitations are able to be lifted.

Laurence Skelly MHK, Minister for Enterprise

Further details on the Isle of Man financial support schemes can be found here.