A total of 872 Island businesses have so far been paid government grants totalling £1.43 million under two new schemes aimed at those closed or severely impacted by the current lockdown.
The Isle of Wight Council – which began issuing payments from 16th November – is urging all eligible businesses to apply under the schemes.
Details and application forms are available on the business support page on the council’s Website.
This new business support is similar to previous schemes earlier in the year, with some changes.
Local Restrictions Support Grant Fund
The Local Restrictions Support Grant Fund (LRSG) is a property-related grant which the government is offering for businesses that have been required to close by new government regulations.
These include non-essential retail, leisure, hospitality, sports clubs and personal care such as hairdressing and beauty.
The grants payable are mandatory, which means the council does not decide which businesses receive them – and the amount is based on business rates valuation.
Additional Restrictions Grant
The Additional Restrictions Grant (ARG) is discretionary and can be allocated by the council itself to meet local needs.
The government guidance encourages local authorities to use this funding to help businesses which are not legally required to close but could be severely impacted by the restrictions imposed by lockdown.
This scheme could include businesses which supply retail, leisure, hospitality or are in the events sector, or those businesses outside the business rates system such as some market stalls and those in shared premises.
Must provide Nov 2019 turnover
The council has decided to operate the ARG by receiving applications from businesses directly and indirectly affected by the latest restrictions.
Businesses will need to be able to demonstrate they were open and trading on 4th November and provide information on their turnover in November 2019.
Grants of up to £5,000 will be available and where evidence of significant impact above £5,000 can be demonstrated up to a maximum of £25,000 could be awarded.
Whittle: Vital all eligible Island businesses get their applications in
Councillor Wayne Whittle, Cabinet member for regeneration and business development, said:
“Both schemes are now underway and it is vital all eligible Island businesses get their applications in – ensuring they can access grant support during this difficult time.
“Many of our businesses are already in a fragile position due to the ongoing trading effects of the pandemic, and we are committed to helping them access all available support, and as quickly as possible.”
News shared by Isle of Wight council press office. Ed