Tier 3 grant support for Island business

Eligible Island businesses will soon be able to access vital new grants to help them during the Tier 3 restrictions announced by the government on 23 December.

Application forms are being set up on the council’s website and will be available from January. Updates will be provided as soon as the forms are ready.

The grants are available following the Island moving from Tier 1 to Tier 3 from Saturday 26 December, which means increased restrictions for businesses.

The new grants are as follows:

Christmas support for ‘wet’ led pubs - for the period from 26 to 29 December. A one off payment of £1,000, with evidence required that less than 50 per cent of sales come from food.

Local Restrictions Support Grant (LRSG) closed applications (not retail) - for the period 26 December to 9 January. Businesses occupying rated premises can apply for fortnightly payments dependent on their rateable value – a rateable value of exactly £15,000 or under, a grant of £667 per 14 day qualifying period; a rateable value of over £15,000 and less than £51,000, a grant of £1,000 per 14 day qualifying period; a rateable value of exactly £51,000 or above, a grant of £1,500 per 14 day qualifying period.

Local Restrictions Support Grant (LRSG) open applications (businesses that occupy rated premises but which have not been legally required to close). Businesses that have been severely impacted but have been able to remain open can apply (leisure and hospitality, bed and breakfast).

Cabinet member for regeneration and business development, Councillor Wayne Whittle, said: “We are moving swiftly so eligible Island businesses can access grant funding under the new Tier 3 restrictions, and hope to have applications forms ready very soon.

“As throughout the pandemic, we remain committed and determined to ensuring Island businesses receive all possible support – and hope to have these new grants flowing from early in the new year.

“The loss of crucial Christmas and new year trading is a real hammer blow to our businesses, and we will do our utmost to ensure this grant funding gets through as quickly as possible.”

More detail is available on the council’s website at www.iow.gov.uk/covid19_businessadvice

Information for businesses and venues on Tier 3 restrictions be found at Tier 3: Very High alert - GOV.UK (www.gov.uk)

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