Polar Star - March - May 2024
Tuesday 19 March 2024
 7.3°C   SSE Strong Breeze
Ocean Kinetics - The Engineering Experts

Coronavirus / Fund launched to support island businesses

MORE details have been released about how businesses in the Scottish islands affected by current coronavirus restrictions can apply for new funding.

The Scottish Government launched the Island Equivalent Payment fund on Monday. It recognises that “while islands face a lower level of restrictions, there are significant impacts on island businesses too”.

For eligible businesses, this fund brings the support available to them in line with similar businesses subject to level four restrictions on the mainland.

Under level three Covid restrictions, many island businesses are legally allowed to operate and are therefore not eligible for support from the strategic framework business fund, which pays out grants to companies which are required to close by law or to significantly change its operations.

Shetland companies that meet the eligibility criteria for level four strategic framework business fund can apply for a grant, paid every four weeks until restrictions are lifted.

The temporary closure grant amount is paid every four weeks, under the Island Equivalent Payment, and is dependent on rateable value as follows:

  • £2,000 if your business premises has a rateable value of up to and including £51,000, or
  • £3,000 if your business premises has a rateable value of £51,001 and above

For the four-week period from 28 December 2020 to 24 January 2021, businesses in level three island areas, including Shetland, can now apply for a temporary closure grant. The period of this funding may be extended if current restrictions under Scotland’s strategic framework continue.

Additionally businesses that also meet the eligibility criteria for hospitality, retail and leisure will also qualify for a one-off top up payment, with a deadline for applications of 22 February.

This is based on rateable value as follows:

Retail and leisure:

  • £6,000 for eligible businesses with a rateable value of up to and including £51,000, or
  • £9,000 for eligible businesses with a rateable value of £51,001 and above

Become a supporter of Shetland News

 

Hospitality (including restaurants, bars, pubs, licensed social and sports clubs, cafes and hotels):

  • £6,000 for eligible businesses with a rateable value of up to and including £51,000, or
  • £25,000 for eligible businesses with a rateable value of £51,001 and above

The top-up grant is not available to self-catering properties and B&Bs.  They will be further supported by targeted schemes currently being developed by the Scottish Government and sector representatives.

Businesses who have already applied for the strategic framework business fund do not have to reapply.

Top-up payments and changes to ongoing payments will be made automatically.

New applications to the fund, including applications for the Islands Equivalent Payment, should be made here.

The introduction of the fund has been welcomed by Shetland MSP Beatrice Wishart.

She said the priority now must be to ensure that businesses receive the financial support before it is too late.

“Confirmation that eligible businesses in level three areas can now apply for the top-up funding previously announced by the finance secretary will come as a relief to businesses in Shetland who have felt unsupported and confused,” Wishart said.

“Many businesses in Shetland are merely treading water in the current environment. Level three restrictions have effectively posed the same significant challenges for businesses in Shetland as those in other parts of the country given that everyone is being encouraged to stay home at the moment.

“Some businesses have also voluntarily closed to help stop the spread of the virus.

“The finance secretary recognised this problem and agreed to work with local authorities to make available island equivalent grants. I’m glad that this has now been established, giving businesses in Shetland much-needed support.

“The priority now must be to make sure this vital funding gets out the door and into the coffers of businesses as quickly as possible. Some local businesses are in a very precarious position and can’t afford to wait any longer to get access to this essential funding.”

Become a supporter of Shetland News

Shetland News is asking its many readers to consider start paying for their dose of the latest local news delivered straight to their PC, tablet or mobile phone.

Journalism comes at a price and because that price is not being paid in today’s rapidly changing media world, most publishers - national and local - struggle financially despite very healthy audience figures.

Most online publishers have started charging for access to their websites, others have chosen a different route. Shetland News currently has  over 600 supporters  who are all making small voluntary financial contributions. All funds go towards covering our cost and improving the service further.

Your contribution will ensure Shetland News can: -

  • Bring you the headlines as they happen;
  • Stay editorially independent;
  • Give a voice to the community;
  • Grow site traffic further;
  • Research and publish more in-depth news, including more Shetland Lives features.

If you appreciate what we do and feel strongly about impartial local journalism, then please become a supporter of Shetland News by either making a single payment or monthly subscription.

Support us from as little as £3 per month – it only takes a minute to sign up. Thank you.

 

Newsletters

Subscribe to a selection of different newsletters from Shetland News, varying from breaking news delivered on the minute, to a weekly round-up of the opinion posts. All delivered straight to your inbox.

Daily Briefing Newsletter Weekly Highlights Newsletter Opinion Newsletter Life in Shetland Newsletter

JavaScript Required

We're sorry, but Shetland News isn't fully functional without JavaScript enabled.
Head over to the help page for instructions on how to enable JavaScript on your browser.

Your Privacy

We use cookies on our site to improve your experience.
By using our service, you agree to our Privacy Policy and Cookie Policy.

Browser is out-of-date

Shetland News isn't fully functional with this version of .
Head over to the help page for instructions on updating your browser for more security, improved speed and the best overall experience on this site.

Interested in Notifications?

Get notifications from Shetland News for important and breaking news.
You can unsubscribe at any time.

Become a supporter of Shetland News

We're committed to ensuring everyone has equitable access to impartial, open and quality local journalism that benefits all residents.

By supporting Shetland News, you play a vital role in ensuring we remain a pivotal resource in supporting the community.

Support us from as little as £3 per month – it only takes a minute to sign up. Thank you.