Covid: More support for Isle of Man hospitality sector

An additional three months of financial support is being given to hospitality businesses on the Isle of Man.

The sector has been hit badly by two Covid lockdowns in 2021 and continued caution from people as the island's border restrictions are lifted in stages.

Payments under the Business Premises Support Scheme have been extended until the end of August.

The grants amount to the cost of a business's rates during the period.

However, the initiative is not a rate rebate scheme and rate demands will still be issued to each business premises in the sector.

Treasury Minister Alfred Cannan said the additional payments would cost the government about £3m, averaging at about £9,000 per business.

He said the funds would provide "a cash injection which will help alleviate cashflow issues and immediate costs to business".

The Economic Recovery Group was currently working on plans for "stimulus activity" that would provide sustainable support for the local economy and those plans would be revealed "shortly", he added.

Border restrictions are still in place on the island, severely limiting the number of people who are allowed to visit, however all restrictions are expected to be lifted in late June.

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