Businesses across the Isle of Wight should receive grant payments of up to £25,000 to support them during the coronavirus crisis within a matter of days.
The Business Secretary Alok Sharma has confirmed this evening (Wednesday) that local authorities up and down the country, including the Isle of Wight Council, have now received a share of more than £12billion to distribute to businesses.
Mr Sharma says that he spoke to hundreds of local authorities this afternoon and has made clear to them that payments should be made ‘as quickly as possible’.
Grant money is already being distributed in some areas of the country but Island businesses are not thought to have received their share yet. The Isle of Wight Council has said tonight that it will let businesses have more information as soon ‘as they are able to’ and note how important the grant money is to Island businesses.
Those who are eligible for Small Business Rate Relief or Rural Rate Relief will receive a £10,000 cash payment into their bank accounts directly from the Isle of Wight Council.
For retail, hospitality and leisure businesses on the Island, with property with a rateable value of between £15,000 and £51,000, a grant payment of £25,000 will be made into their bank accounts by the Council.
In addition to the grant payments, all retail, hospitality, leisure and nursery businesses in England are receiving a 12-month business rates holiday.
Over the past week, the local authority has been encouraging business owners to supply information via an online form, including bank details. This is to allow a swift payment to be made. It is thought that more than 1,500 businesses on the Isle of Wight have already supplied this information.
No local businesses are thought to have received any official confirmation letter in writing from the Council as of 1st April.
If you think your business qualifies for a grant payment, use the application form for support for businesses affected by Covid-19 (Coronavirus) to provide details to assist the Council with the processing of payments.
Do these grants have to be paid back?
No. A grant is different from a loan and the grant does not need to be paid back.
I am a business but I don’t have a property. Do I get a grant?
Unfortunately not. Only those with rateable commercial property (such as an office, shop etc.) can claim a £10,000 or £25,000 grant.
Is there a qualifying date?
Yes. Payments will be made to those businesses who matched the criteria as of 11th March 2020. If you have only just taken on a property then you won’t be eligible for a grant.