Government measures in key jurisdictions 5th edition - Flipbook - Page 87
Jersey
Stephen Alexander | stephen.alexander@mourant.com | +44 1534 676 172
Edward Devenport | edward.devenport@mourant.com | +44 1534 676 366
Fred Milner | fred.milner@mourant.com | +44 1534 676 915
Contributor: Mourant
Loans and
financial
support
Has the
government put
in place any new
bank funding
schemes?
Employment
What financial
support is the
government
providing to
businesses and
to individuals
on employment
issues?
•
Jersey has introduced a GBP 50 million business disruption loan guarantee scheme.
The Jersey government will guarantee 80% of loans granted under the scheme.
Businesses can borrow between GBP 5,000 and GBP 500,000.
•
Certain eligibility criteria must be satisfied. This includes the business meeting the
viability test, the business engaging in a commercial activity in Jersey which will be the
subject of the loan, normal lending must not be available to the business and the
business’s annual turnover must not be more than GBP 10 million.
•
Certain business sectors were initially excluded from the schemebut the scheme has
since been expanded to allow all local businesses to apply regardless of their sector
and business activity.
•
More detailed information on the scheme is available here.
•
To assist the tourist sector the Jersey government has introduced the Visitor
Accommodation Support Scheme (VASS) and the Visitor Attractions and Events Scheme
(VAES). VASS is aimed specifically to provide support for Jersey’s registered
accommodation providers and VAES seeks to support Jersey’s events and attractions
providers. Both schemes provide support of up to 80% of designated fixed costs which
will be paid on a monthly basis in arrears and cover the period of October 2020 to April
2021. Further details on these schemes can be found here.
•
The Jersey government has also introduced the Fixed Costs Support Scheme which
makes a financial contribution towards the fixed costs of a business where they have been
impacted by Covid-19 related public health measures, including 2 metre physical
distancing. The scheme covers the period of January to April 2021. Certain eligibility
criteria must be satisfied and the scheme is restricted to certain business sectors. It is
possible to claim under the FCSS whilst also benefiting from the Government Co-Funded
Payroll Scheme and the Business Disruption Loan Guarantee Scheme. Where a claim has
been made under VASS or VAES, a business can opt out of these schemes in order to
claim, where eligible, under the FCSS. Further details on the scheme can be found here.
•
The Government of Jersey has launched a £50 million Fiscal Stimulus Fund. The funding is
aimed at smaller scale projects of up to £5 million per project which would be expected
to be completed by the end of 2021. Further details of the scheme can be found here.
•
Support to businesses: The Government of Jersey has launched the Government CoFunded Payroll Scheme, which will refund businesses adversely impacted by the Covid-19
pandemic a proportion of their wage bill. The scheme has been extended to provide
continuing financial support to employers and employees affected by Covid-19 and there
are now 4 phases of the scheme with Phase 4 covering the period of January to April 2021.
•
Mourant has outlined some key questions for employers to consider during the Covid-19
pandemic, which is available here.
•
Support to individuals: A Covid Related Emergency Support Scheme was previously set
up for workers who had lost their jobs due to Covid-19. This scheme was targeted at
workers who have not gained their five year residency, as this group would ordinarily not be
able to access the pre-existing government income support scheme. The scheme provided
weekly payments of between GBP 70 to GBP 150 per person and an additional GBP 50 per
child. It was in place until 31 August 2020, when it ended.
•
The Government of Jersey has also made various sickness and short-term incapacity benefit
provisions for employees who are either sick or isolating due to Covid-19.
Government measures in key jurisdictions
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