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Business rates grant support flowing out

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Hundreds of payments of government grant support have been steadily flowing out to qualifying Island business ratepayers this week.

Eligible Island businesses that haven’t yet received their grant are being asked to remain patient.

If you qualify and have completed the online form for direct payment you will soon receive your grant.

The council’s Business Rates team, specially supplemented by staff from the Revenues team, is working very hard to process all the payments as swiftly as possible.

So far more than 2,590 business ratepayers have filled in the form for direct payment, which can be found at www.iow.gov.uk/covid19_businessadvice. But it is estimated there are more than 4,060 potentially qualifying businesses on the Island, so if you haven’t filled in the form yet with your up to date accurate details, please do so.

Remember, the qualifying categories for grant support from the government are:

  • small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief;
  • grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value of more than £15,000 and less than £51,000;
  • grant funding of £10,000 for retail, hospitality and leisure businesses with property with a rateable value of £15,000 and under.

If you have any questions about eligibility or payment please check the website at www.iow.gov.uk/covid19_businessadvice, or email  Business.rates@iow.gov.uk 

Also visit the council’s website at www.iow.gov.uk/covid19_businessadvice for a list of the range of government and other support available. Full details are available at the government website at www.businesssupport.gov.uk/

The council has received £62.8 million of government grant support to distribute to qualifying business ratepayers.

Council leader, Councillor Dave Stewart, said: “Our Business Rates and Revenues teams are working incredibly hard to get the payments to qualifying Island businesses as soon as they are able, and I am delighted that many will have already received their government grant.

“But we remain acutely aware of the desperate need of many Island businesses to get the grant swiftly into their banks and the related anxiety if they are still waiting for this to happen.

“Please be reassured, if you qualify according to the government criteria and have provided us with your details, we will get to you.

“We are absolutely committed to helping Island businesses access the crucial government grant support during these very difficult times.”

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