Covid: Isle of Man firms to get £9m more in support over the winter

A number of financial support schemes have been extended due to ongoing pressures

The Isle of Man government has committed a further £9m in financial support for businesses over the winter period.

The Economic Recovery Group announced the extension as a result of continuing impact of Covid-19.

It applies to a number of sectors including catering, lifestyle, hospitality and non-essential retail.

Treasury Minister David Ashford said it was aimed at firms that would suffer the most in the "next few months".

Grants of up to £3,000 will be offered to businesses that have experienced a 25% downturn to cover "premises costs" between December and March.

'Natural conclusion'

Enterprise Minister Alex Allinson said the support would provide some "security" to the retail and hospitality sectors, which had "faced a difficult couple of years".

The support includes a "rates system", under which firms can claim the equivalent of their annual rates for the four-month period.

A number of other schemes, including the Strategic Capacity Scheme, the Coronavirus Recovery Scheme and the Domestic Event Fund, have also been extended until March next year.

Mr Ashford said he hoped that the government's financial support would come to a "natural conclusion" at that point.