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Jersey Chamber of Commerce

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Category: Financial  Local Business News  States of Jersey

Economic support for businesses

Dec 07, 2020


The Government of Jersey has updated business support packages to provide further assistance to businesses, following the introduction of new Public Health measures last week.

The Co-Funded Payroll Scheme (CFPS) and the Visitor Accommodation Support Scheme have both been revised to provide more financial help, which will particularly benefit the hospitality sector. Also, an additional scheme has been launched to support the Island’s key visitor attractions and events companies.

The new measures came into effect on Friday 4 December and require all licensed hospitality venues, gyms and indoor sports and fitness classes to close. Two-metre physical distancing regulations have also been reintroduced.

The CFPS was launched in April to support businesses and employees during the Stay At Home order. It has helped to safeguard Islanders’ jobs so that unemployment in Jersey is far lower than in jurisdictions without similar wage subsidy schemes.

To qualify for the CFPS, businesses must demonstrate a loss in income compared to the same period last year. The support is tailored to a business’s financial detriment.

The updated scheme increases the maximum subsidy from 60% to 80%. It also offers 10% more support than the previous version of the scheme. For example:


Financial loss

Previous subsidy

Revised subsidy

20%

30%

40%

30%

40%

50%

40%

50%

60%

50%

60%

70%

60%

60%

80%

80%

60%

80%


As part of the revised scheme, businesses are not required to remain open in order to claim a subsidy, although they are encouraged to continue to trade if they can do so safely within public health guidance.

In future, businesses that fail to follow public health guidance would be disqualified from claiming future Government support. This is to incentivise businesses to implement robust Covid-secure procedures.

The revised scheme will apply to claims made for December and will open from 1 January. To apply, businesses need to be in an eligible sector, and be able to demonstrate at least a 20% financial detriment.

More information is available online

Government of Jersey News Release.


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