Coronavirus Financial Support Measures 23 March 2020

Massive commitment from Government

What a week.

Keeping up to date with new announcements and developments is quite a challenge.

On Monday 23 March, the Manx Government announced various unprecedented rescue packages to support Manx businesses and workers. These are extremely bold and costly initiatives, but very welcome at this difficult time.

Full details of how to access this support is not yet finalised, but we are expecting it will be later this week.

Keep an eye on the Treasury website ‘here‘ for future announcements.

As well as direct financial support, the Government have also engaged with outside parties to provide indirect support. Examples include the following:

– Banks have agreed to provide loan finance to support local business (loan guarantee scheme);

– Utility companies will not cut-off services for non-payment of bills until 30 June;

– Local Banks have also indicated a range of support measures for individuals and businesses who have been affected through loss of work or loss of pay. In some cases this may include Mortgage or Loan repayment holidays;

– New powers are to be introduced to prevent landlords from evicting business and personal tenants for non payment of rent for a limited period. More information is needed.

– Businesses may also may able to defer VAT and payroll taxes where due between now and 30 June this year.

Further details can be found by clicking ‘here‘.

The above measures are in addition to those announced last week and which can be found ‘here‘.  This includes measures such as the extension of the National Insurance holiday scheme to certain sectors considered most vulnerable such as tourism, travel, catering and leisure.

Take care, stay safe.

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