What are you searching for?
There is a range of financial assistance available to businesses who have been affected by the COVID-19 outbreak and following the Chancellor’s Winter Economy Plan, we have updated the support overview for businesses.
Economic Resilience Fund Phase 3, Business Development Grant
Economic Resilience Fund
Due to high demand, the Economic Resilience Fund (ERF) Phase 3 Business Grant is suspended while we process the applications received.
Please monitor the Business Wales Covid-19 Support for Business website and our social media channels for other support and updates.
To help businesses locate a varied range of other support available to them to get through this difficult period take a look at the COVID-19 Business Support Finder pages we’ve created here.
Welsh Government Economic Resilience Fund Awarded Organisations
A list of Economic Resilience Fund Phase 1 recipients and regional breakdown information can be found here.
A list of Economic Resilience Fund Phase 2 recipients and regional breakdown information can be found here.
Kickstart Scheme
you can use the Kickstart Scheme to create new 6-month job
placements for young people who are currently on Universal Credit and at risk of long-term unemployment.
The job placements should support the participants to develop the skills and experience they need to find work ar completing the scheme.
Funding is available for:
100% of the relevant National Minimum Wage for 25 hours a week
Associated employer National Insurance contributions
Employer minimum automatic enrolment contributions
For more information, click here.
Job Retention Scheme
The Coronavirus Job Retention Scheme (known as furlough scheme) has been extended to March 2021.
To be eligible, an employer must work at least 33% of their normal hours. For the other two thirds of the hours, the Government will pay a third and the employer will pay a third, so in total, an employee will receive 77% of the full pay (i.e. the Government will be paying 22.5% of wages).
The scheme will run from six months from 1st November 2020.
Large businesses will have to prove that they’ve been adversely affected by the Coronavirus pandemic to be eligible for the Job Support Scheme.
The scheme will be available to all businesses and all employees, regardless of whether they have been part of the CJRS in the past.
For more information, click here.
Bounce Back Loan
The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that:
are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak
can benefit from £50,000 or less in finance.
The scheme is a part of a wider package of government support for UK businesses and employees. Read more at the Government’s Business Support website.
Note: As of 17 December 2020, the Government has announced that BBLS will be extended until 31 March 2021. View the announcement about the BBLS extension
It was also announced that, from 10 November 2020, participating lenders in the scheme can offer smaller businesses across the UK a ‘top-up’ to their existing Bounce Back Loan if they originally borrowed less than the maximum amount available to them. View the announcement about the BBLS top-up and view the BBLS FAQs for more detail
On Saturday 6 February 2021, the Chancellor of the Exchequer announced further details about Pay As You Grow, to support UK smaller businesses that have taken out a Bounce Back Loan to manage their cashflow and have a better chance of getting back to growth.
Find out more about Pay As You Grow.
How it works
BBLS is available through a range of British Business Bank accredited lenders and partners, listed on the British Business Bank website.
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.
The application deadline for all Coronavirus pandemic loan schemes – including the future fund – has been extended to the 30th November 2020.
Bounce back loans can be extended from 6 to 10 years under a Pay as You Grow scheme.
Businesses also move to interest only payments or suspend payments for up to 6 months.
A new successor loan scheme will be launched in January 2021.
For more information, click 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.
Additional information:
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.
If you are a business in the hospitality sector, find information on how to run your business in the line with new guidance, here.
Other organisations who can help
Business Wales
Federation of Small Business
Business in Focus
South Wales Chamber of Commerce
Development Bank of Wales
Cardiff Capital Region
Business in the Community
HM Revenue and Customs
We urge all businesses to keep up to date with the most recent advice and guidance available on the Public Health Wales website.
We also encourage businesses to keep an eye on our Invest in Cardiff Twitter and LinkedIn pages for information as it changes.
Find out more at Invest In Cardiff: http://www.investincardiff.com/