For further support and business advice please contact Business Wales on: 03000 6 03000
There is a range of financial assistance available to businesses who have been affected by the COVID-19 outbreak.
The information below will provide you with an understanding of what financial support is currently available to businesses:
Reopening businesses - support and guidance
From Monday 22nd June 2020, all non-essential shops can re-open as long as retailers comply with social distancing laws and health and safety guidance.
This list provides information, guidance and advice on how to open your business safely and in line with Government guidelines.
Small Business Support
The Business Grant Scheme has now closed to new applications. If you submitted an application or email prior to 5pm on 30th June it will still be progressed.
Retail, Leisure and Hospitality Support
Businesses with a rateable value £500,000 or less receive 100% business rates relief for the financial year 2020/21. In addition, for retail, leisure and hospitality businesses with a rateable value of between £12,001 and £51,000, a grant of £25,000 is available. You can find the rateable value of your business on the GOV.UK websiteLink opens in a new window . Read our COVID-19: Grants to support local business page for more information on business rates relief.
The Business Grant Scheme has now closed to new applications. If you submitted an application or email prior to 5pm on 30th June it will still be progressed.
Charities and not for profit organisations
A grant of up to £10,000 is available to the following parties, occupying a property with a rateable value of £12,000 or less and operating in the retail, leisure or hospitality sectors:
- Ratepayers eligible for charitable relief and Community Amateur Sports Clubs (CASC) relief;
- Not for profit bodies that Cardiff Council considers to be operating for charitable purposes but aren’t currently receiving charitable relief or CASC, who are in receipt of or have entitlement to discretionary rates relief.
The Business Grant Scheme has now closed to new applications. If you submitted an application or email prior to 5pm on 30th June it will still be progressed.
Job Retention Scheme
All UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis. For more information please read the GOV.UK guidance on the Coronavirus Job Retention SchemeLink opens in a new window .
The Economic Resilience Fund
The £500 million Welsh fund will support firms of all sizes, including social enterprises, with a focus on those which have not already benefited from the coronavirus grants already announced by Welsh Government. Visit the GOV.UK website for more information on the Economic Resilience FundLink opens in a new window .
£100 million will also be provided by the Development Bank of Wales to provide loans of between £5,000 and £250,000 at favourable interest rates for those unable to access previously announced measures of support. More information on the Covid-19 Wales Business Loan Scheme can
be found on the Development Bank of Wales websiteLink opens in a new window Link opens in a new window.
The Economic Resilience Fund is broken down as follows:
- £100m COVID-19 Wales Business Loan Scheme administered by Development Bank of Wales (fully subscribed)
- £100m fund to support microbusinesses
- £300m fund to support SMEs and large businesses
To check for eligibility, use the COVID-19 support eligibility checkerLink opens in a new window
Coronavirus Business Interruption Loan Scheme
Support for SMEs with a turnover of up to £45m with access to working capital (including loans, overdrafts, invoice finance and asset finance) of up to £5 million in value and for up to 6 years. Find out more about the Coronavirus Business Interruption Loan SchemeLink opens in a new window Link opens in a new window.
Self Employed Income Support Scheme
This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed. For more information please read the GOV.UK guidance on the Self-employment Income Support SchemeLink opens in a new window .
Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021. This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period.
Deferred VAT payments
Support is in place for businesses by deferring Valued Added Tax (VAT) payments for 3 months. The deferral will apply from 20 March 2020 until 30 June 2020. Read the GOV.UK guidance on deferral of VAT payments due to coronavirusLink opens in a new window .
Emergency funding for TV and Digital
Emergency TV Development Fund
The Emergency TV Development Fund Link opens in a new window Aims to provide immediate financial support for indigenous independent production companies during the Coronavirus crisis.
Support will be available for companies to utilise the time, during which production cannot take place, to develop projects which will put them in a stronger position to secure commissions once a normal mode of working resumes.
Emergency Digital Development Fund
The (EDDF) fund Link opens in a new window will provide immediate financial support for games, animation, digital agencies and creative digital businesses during the coronavirus outbreak. Aiming to support the retention of Intellectual Property (IP) by indigenous companies which, in turn, will help them to grow, and also to enable digital creative companies to develop new services and improve or introduce new platforms for digital content.
£1.4bn business support package to help businesses across Wales
This support matches the measures in England providing a much needed boost for small businesses struggling to cope with the impact of the Coronavirus crisis.
Business Rate Relief
The Business Grant Scheme has now closed to new applications. If you submitted an application or email prior to 5pm on 30th June it will still be progressed.
All retail, leisure and hospitality businesses with a rateable value of £500,000 or less will receive 100% non-domestic rates relief for 2020-21. This will be administered automatically through the Council’s Rate Scheme and will apply automatically.
In addition to the business rate relief scheme, the Welsh Government has announced that an additional £850m will be made available through a new grant scheme for businesses. This will mean that all businesses, which are currently eligible for Small Business Rates relief, that is those with a rateable value up to £12,000, will receive a grant of £10,000. If you believe you are an eligible business complete the application form and follow the processes outlined.
Retail, leisure and hospitality businesses with a rateable value between £12,001 and £51,000 will receive a grant of £25,000.
Business Interruption Loan Scheme
The scheme will support loans of up to £1.2 million in value. This new guarantee will initially support up to £1 billion of lending on top of current support offered through the British Business Bank.
This will be available to businesses in Wales via the banks.
For further information on the scheme, businesses should monitor the British Business Bank’s website.
Development Bank of Wales
The Scheme will be available from the Development Bank of Wales for a limited period. It is intended to provide support to businesses who are experiencing cash flow difficulties as a result of the pandemic.
Development Bank of Wales will be offering all its business customers a three-month capital repayment holiday to help them manage the financial fallout from the virus.
For further information please visit the Development Bank of Wales website or call 0800 587 4140..
Bank of England Agency for Wales Covid-19 and Support for Business
F
or further support and business advice please contact Business Wales on: 03000 6 03000