Nearly £100 million of Government funding was paid out to Isle of Wight businesses during the coronavirus pandemic.
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A report to the Isle of Wight Council's Cabinet revealed 21,984 individual grant payments have been made to firms since May 2020. The payments, totalling £99,799,908, have mainly gone to businesses in the retail, hospitality and leisure industry. Around 0.25% (£273,947) of the total cash the council received from the Government has yet to be distributed, however. Councillors have until the end of March 2022 to decide what do with the left over funds. They say they will use it 'to aid the recovery of the Island’s economy.' A council spokesperson said: "Examples of how this could be used include activities supporting town centres including Small Business Saturday and ‘pop up’ shops in the lead up to the Christmas period; delivering training for businesses linked to COVID recovery; supporting short courses, work placements and apprenticeships particularly in the hospitality sector; and support for cultural activity." No additional funds are expected to be given to the local authority, the council says. |
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During 2020 and 2021 the government allocated money to local authorities to support business, initially paid on the basis of business rates, but later topped up with other funds that councils could distribute to other businesses that did not pay rates, such as taxi drivers, market stall holders and those in the supply chain for the tourism, hospitality and retail sector. A final grant was provided to assist businesses prepare for reopening after the last national lockdown, and applications closed in May 2021. |
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