The eagerly awaited Isle of Man Salary Support Scheme is now live and Harding Lewis are here to help.
The scheme is one of the measures introduced by the Isle of Man Government, to help businesses retain their staff, where they have been affected by the COVID-19 pandemic. Qualifying businesses must be able to demonstrate, if challenged, that their business has suffered losses in revenues of at least 25% to apply. Those that have not suffered losses to this extent are not eligible.
A link to the application process can be found ‘here‘.
A spreadsheet (CSV) needs to be completed (a template is available via the application form) and this will contain details of each employee for which a claim is being made. Make sure to complete the spreadsheet in full before starting the online application, as the application cannot be saved part way through.
It is becoming clear the intention of this scheme is indeed to ‘support’ employers in paying their staff wages. It should not be considered a salary replacement. Employers are still required to pay their employees at least minimum wage and so the Government support alone is not sufficient.
Guidance for the application can be found at this ‘here‘.
As a reminder, you may also want to keep an eye on the Government web page ‘here‘ for updated on the support packages available.
If you would like assistance with your application for the Salary Support Scheme, or indeed any of the Isle of Man Government support schemes, please get in touch with a member of our team by contacting email@example.com.
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