Eligible businesses on the Island will be given additional help with business rates through the COVID-19 Additional Relief Fund (CARF).
The government has allocated £2.6m for businesses on the Island.
The COVID-19 Additional Relief Fund is intended to support those businesses which have been affected by the pandemic, but did not meet the criteria for the other COVID grants funded by government.
This total will be split between all eligible businesses, and is in addition to existing discretionary business rates relief such as small business rates relief or mandatory charitable relief.
There is no need for businesses to apply – this relief will be applied automatically by the Isle of Wight Council.
The amount of relief depends on the rateable value of the premises that the business is in, and for eligible businesses with a rateable value of £12,000 or less will be 100%.
Businesses will see the credit show up on 2021/22 business rate bills, and amended accounts for those businesses which are eligible will be sent out from 28 February onwards.
Councillor Chris Jarman said: “Over the course of the pandemic, we have distributed millions of pounds in financial support to Island businesses affected by COVID-19.
“Our Isle of Wight Council scheme has been established to distribute the CARF funds targeting the greatest support to the smaller businesses on the Island who continue to be adversely affected by the pandemic.
“This is great news for those eligible businesses occupying premises with a lower rateable value and will help them in remaining viable and securing employment.
“Smaller businesses tend to be sole traders and the lifeblood of our Island communities.
“We have established the most efficient process to ensure the funds are distributed without delay, crediting them directly and without businesses even needing to complete an application form.
“This relief goes directly to reducing the bills for business rates and will be welcomed enthusiastically across our Island economy”
