Extra funding for pandemic hit Jersey businesses

Jersey's government has announced extra funding for business still affected by the pandemic

Extra funding for businesses affected by Covid has been announced by the government in Jersey.

New measures include allowing businesses in the most affected sectors to defer social security contributions for the last quarter of 2021 and first quarter of 2022 for five years.

It follows the end of the Co-Funded Payroll Scheme (CFPS) last month.

Government ministers say the funding will help with new challenges businesses face.

The Minister for Treasury and Resources, Deputy Susie Pinel, said: "The CFPS was established as an emergency measure to protect employment when businesses were required to close. It has been extremely effective in meeting this objective.

"As we are now in the recovery phase, there are new challenges facing businesses, including labour shortages, and we must ensure our business support measures are adapted to these new circumstances."

Among the new measures businesses in affected sectors will be able to defer employee and employer contributions and Goods and Services Tax until the end of the first quarter of 2022, for five years.

The Business Loan Business Disruption Loan Guarantee Scheme, where the Government guarantees 80% of loans up to £500,000, has been extended to 31 December 2021.

Three other support schemes, which provide up to 80% of fixed costs, are continuing until March 2022, the government said.

Minister for Economic Development, Tourism, Sport and Culture, Senator Lyndon Farnham, said: "The Visitor Attractions and Events Scheme, Visitor Accommodation Support Scheme, and the Fixed Cost Support Scheme for those businesses connected to events, will run until March 2022 and the additional support announced today will help businesses manage the recovery process as we move in to 2022."

Businesses who want to defer contributions will need to make an application.

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