The Isle of Wight Council is in receipt of Government grant funding totalling £62.8 million to support eligible business rate payers. The council is preparing to make payments to those eligible businesses as swiftly as it is able. The local authority envisages that it will begin from next week – subject to businesses checking if they are eligible and then providing their relevant details to ensure direct payment. This can be done via a form on the council’s website, accessed via www.iow.gov.uk/covid19_businessadvice which also gives details of eligibility criteria. More than 1,730 Island business ratepayers have completed the form since it went online nearly two weeks ago. The grant payments are for eligible business ratepayers in specific categories: Small business grant funding of £10,000 for all eligible business in receipt of small business rate relief or rural rate relief. Grant funding of £10,000 for retail, hospitality and leisure businesses with property with a rateable value of £15,000 and under. 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. Council Leader, Councillor Dave Stewart, said: “It is excellent news that this much needed funding has now been received from the government, and we are working urgently to get the payments made as soon as we are able. We fully appreciate the severe pressures many businesses are under at this time. “It is essential we have the latest up to date details to achieve direct and swift payment for each business, so I would urge those businesses who believe they qualify to complete the form on our website. Thank you to the many who have already done so. “Our staff are working incredibly hard to process these details and payments on your behalf, so please remain patient while this takes place over the coming days. “We understand how important these funds are to your business and It is our priority to get payment to you as quickly as we can. “Meanwhile, we will continue to update details of all areas of government support for businesses, employers, employees and the self-employed via our website. “We remain committed and determined to ensuring all those who qualify will this receive vital support at this very difficult time.”
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