COVID-19 ADDITIONAL RELIEF FUND TO PROVIDE EXTRA SUPPORT FOR LOCAL BUSINESSES

COVID grants totalling more than £1.7million have been paid out to hundreds of Island businesses — and further help is on the way.

More than 500 local businesses have received support from the COVID-19 Additional Relief Fund (CARF), a business relief fund launched by the Isle of Wight Council earlier this year.

Using central Government funding, the scheme is intended to support those businesses which have been affected by the pandemic, but which have been ineligible for existing support linked to business rates.

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The amount of funding depends on the rateable value of the premises that the business is in.

Previously businesses with a rateable value of up to £12,000 identified as eligible for the scheme were awarded a 100% business rate discount. This has now been extended to eligible businesses with a rateable value of £50,999 or less to use the remaining budget of the fund.

In addition, the surplus funding is sufficient to award 30% relief to those business with a rateable value of £51,000 and over up to £85,000.

Councillor Chris Jarman, Cabinet member for strategic finances, said the 2nd phase would start in the next few weeks and businesses would automatically receive the additional funding. The eligible businesses will be contacted to advise them of the additional support being provided and a new bill will be sent out.

He says:

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“This is great news for eligible businesses and will help them in remaining viable and securing employment.

“It’s important to recognise that even before the latest cost-of-living and energy crisis many of our businesses were still struggling with the massive impact left by the pandemic.

“I’m therefore delighted to be able to provide rate relief to even more Island businesses through our Covid Additional Relief Fund.

“We have established the most efficient process to ensure the funds are distributed without delay, crediting them directly and without businesses even needing to complete an application form.

“This relief goes directly to reducing the bills for business rates and, I’m sure, will continue to be welcomed enthusiastically across our Island economy.”