COVID-19 – Financial Support for Business
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:
Small Business Support
If you are a small business with a rateable value of £12,000 or less you will be eligible for a £10,000 grant. More information can be found here.
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. The rateable value of your business can be found here and more information on how to apply can be found here.
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. More information can be found here.
The Economic Resilience Fund
The Economic Resilience Fund is broken down as follows:
- £100m COVID-19 Wales Business Loan Scheme administered by Development Bank of Wales (which is fully subscribed)
- £100m fund to support microbusinesses
- £300m fund to support SMEs and large businesses
To check for eligibility, click here.
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. More information can be found here.
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. More information can be found here.
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. More information can be found here.
A short FAQ on business support is available here.
For a summary of current available support for business impacted by the Coronavirus is available here.
Other organisations who can help
We urge all businesses to keep up to date with the most recent advice and guidance available on the Public Health Wales website.