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Covid-19

Description and volume of the aid packages made available to employees, small businesses, large corporations

A package of measures has been introduced by the Isle of Man Treasury to support the Island’s workforce and protect the economy:

  • £100 million taken from government reserves to offer a package of support.

  • New welfare benefit of £200 per week for those who’ve lost their job or are unable to work due to the virus - this to come into operation on 6th April 2020.

  • Wage support package available to employers, offering £280 a week for 12 weeks to pay every full time equivalent member of staff. This will be backdated to cover March’s payroll.

  • Businesses will be given the option to defer VAT payments between now and June, interest free.

  • Case by case deferral of tax and national insurance payments will be available for ‘businesses in difficulty’.

  • A special fund will be introduced to help business retain critical assets.

  • Reduce to nil the rate of employer class 1 National Insurance contributions that are paid by certain sectors to alleviate staff costs. Sectors covered include tourist accommodation, catering, entertainment and leisure, travel and tour operators, and logistics to and from the Island.

  • £3,000 Coronavirus Business Support Scheme to give immediate assistance to businesses (with at least two permanent employees) in tourist accommodation, catering, entertainment and leisure, travel and tour operators, and logistics - click here for more information

  • Government will pay businesses that pay employees during self-isolation £20 a day for up to 14 working days in a consecutive period of up to two weeks, for each employee in self-isolation.