Following the government decision to put in place a nationwide lockdown from 5 November, local authorities across England, including the Isle of Wight Council, are on standby to receive funds to support businesses.
Two funds will be made available which could help Island businesses that have had to close, or that can remain open but are severely impacted by the lockdown. The business support is similar to previous schemes, with some changes. The Local Restrictions Support Grant (LRSG) and the Additional Restrictions Grant (ARG).
Businesses can apply for both grants with any LRSG award being taken into consideration in any ARG award. Links and information on how to apply are below.
Local Restrictions Support Grant (LRSG) – The LRSG is a property related grant for businesses required to close by Government. This includes; 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. The amount payable will be based on the amount of business rates paid by the business as follows:
- Properties with a rateable value of exactly £15,000 or under will receive £1,334 for the 4 week lockdown
- Properties with a rateable value above £15,000 but below £51,000 will receive £2,000 for the 4 week lockdown.
- Properties with a rateable value of exactly £51,000 or over will receive £3,000 for the 4 week lockdown.
Payments will start to be processed from 16 November 2020.If your business has had to close, please apply for the LRSG from the IW Council business rates web page.
You will need your contact details, property business rates reference number and bank account details to complete the form.
Additional Restrictions Grant (ARG) – The government has provided funds to each local authority for use as a discretionary grant fund.
The government guidance encourages local authorities to use this funding to help businesses which are not legally required to close but could be severely impacted by the restrictions imposed by lockdown. This could include businesses which supply retail, leisure, hospitality or are in the events sector, or those businesses outside the business rates system such as some market stalls and those in shared premises.
The IW Council has decided to operate the ARG by receiving applications from businesses directly and indirectly affected by the latest restrictions.
Businesses will need to be able to demonstrate they were open and trading on 4 November and provide information on their turnover in November 2019. Grants of up to £5,000 will be available and where evidence of significant impact above £5,000 can be demonstrated up to a maximum of £25,000 could be awarded.
ARG grants will be awarded from 16 November 2020 .A separate application form is needed for the ARG.
