So far more than 1,617 Island businesses severely impacted by the recent month-long lockdown have received £2.383 million in grant aid administered by the Isle of Wight Council.
The Local Restrictions Support Grant Fund (LRSG) is a property-related, non-discretionary grant scheme based on business rates qualification. Businesses could receive up to £3,000 for the four week lockdown under the scheme.
The LRSG will now formally close to applications from Friday 18 December and eligible businesses are being urged to apply now. Outstanding payments will still be processed after that date.
Councillor Wayne Whittle, Cabinet member for regeneration and business development, said: “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.
“We will continue to keep support under review to take account of impact of any continuing restrictions that may impact on the Island.”
The LRSG is available to businesses required to close under the November lockdown, including 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, provided they had been trading the day before national lockdown restrictions came into force — and the amount is based on business rates valuation.
Applications can be made through the council’s website: www.iow.gov.uk/covid19_businessadvice
Earlier this week the council formally closed the Additional Restrictions Grant (ARG) which supported more than 340 Island businesses with discretionary grants totalling some £940,000.