Chamber Update | New Support Announced for Businesses Impacted by COVID-19 | July 2021

Chamber of Commerce has been tracking the impact on the financial challenges facing retail, lifestyle and hospitality businesses, due to Covid restrictions.

Date: Friday 23 July 2021

Chamber of Commerce has been tracking the impact on the financial challenges facing retail, lifestyle and hospitality businesses, due to Covid restrictions.

As a result of discussions and providing evidence, Government has listened and the CBSS and BPSS packages have been switched back on with an agreement to review the situation again in two weeks' time. We know this won’t be enough for everyone, but, it’s a start and will help alleviate some of the immediate financial pressures.

We will be keeping track of the situation and will launch an impact survey in 12 days to gauge where businesses are and what further support is needed.

Support will be available for those in customer facing roles who are unable to work from home (such as those in the retail, catering, leisure and lifestyle sectors) and are affected by self-isolation requirements of staff or drop in customer demand. Applicants will fill in one application form and will be entitled to claim either a grant equivalent to one years’ business premises rates payment, or a lump sum payment of £1,000.

The Business Premises Support Scheme will provide eligible applicants who have commercial premises with a grant payment equivalent to one year’s rates bills.

The Coronavirus Business Support Scheme (CBSS) will provide a payment of £1,000 to businesses and the self-employed who do not have commercial premises (or for whom the sum is greater than the cost of their rates).


Both grants are subject to evidence of a decreased turnover of 25% or more against July 2019 and can be used toward any business overheads, staffing costs, to alleviate cash flow issues.
Further information on the Business Premises Support Scheme and the Coronavirus Business Support Scheme will be made available next week at: https://covid19.gov.im/funding-support-for-employers/