Coronavirus - Government measures in key jurisdictions - Flipbook - Page 59
Jersey
Contributor: Mourant
1
Loans and
financial
support
Has the
government put
in place any new
bank funding
schemes?
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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
•
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 are excluded from the scheme. These include financial
or professional services, real estate, property development, utility companies,
agriculture and fishing.
•
More detailed information on the scheme is available here.
Employment
Support to businesses
What financial
support is the
government
providing to
businesses and
to individuals
on employment
issues?
•
The Government of Jersey has launched the Government Co-Funded Payroll
Scheme, which will refund businesses adversely impacted by the COVID-19
pandemic a proportion of their wage bill. This will cover weekly wages up to the
value of GBP 200 per employee. A business must show they have suffered at least
30% loss in turnover to be eligible.
•
Mourant has outlined some key questions for employers to consider during the
COVID-19 pandemic.
•
Employment update as at 23 March 2020
Support to individuals
•
A COVID Related Emergency Support Scheme has been set up for workers who
have lost their jobs due to COVID-19. This scheme is 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 provides
weekly payments of between GBP 70 to GBP 150 per person and an additional GBP
50 per child. It is in place until 30 June 2020.
•
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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