Business Advice – Coronavirus (COVID-19)
We are currently working with the Welsh Government to provide as much information as possible to businesses at the difficult time.
We urge all businesses to keep up to date with the most recent advice and guidance available on the Public Health Wales website.
Confirmed Support for Business
For further support and business advice please contact Business Wales on 03000 6 03000. Detailed information on the below can be accessed at https://businesswales.gov.wales/coronavirus-advice
Business Rate Relief
The Welsh Government has recently announced a £1.4 billion support package for businesses in Wales to help combat the economic impact of Coronavirus (COVID-19).
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.
If you believe you are an eligible business complete the application form and follow the processes outlined.
Business Interruption Loan Scheme
The UK government announced a temporary Coronavirus Business Interruption Loan Scheme to be delivered by the British Business Bank. It will launch in a matter of weeks to support businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs.
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.
Planning Conditions – Relaxation of enforcement of conditions relating to retail distribution
In light of the impact of Coronavirus the Welsh Government have issued guidance to local authorities with regard to the relaxation of enforcement of conditions relating to retail distribution.
Click here for further details.
Development Bank of Wales
The Welsh Government and the Development Bank of Wales have announced the £100m Covid-19 Wales Business Loan Scheme to support businesses affected by the Covid-19 outbreak.
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.
The loan scheme will work alongside the UK wide Coronavirus Business Interruption Loan Scheme, other Welsh Government and UK Government support offers, providing more vital options for Welsh businesses.
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
On Tuesday 17 March the Bank and HMT announced a Covid Corporate Financing Facility (CCFF) to provide additional help to firms to bridge through Covid 19-related disruption to their cash flows. A link to the exchange of letters between the Governor and the Chancellor (which sets out who is responsible for what), is here.
On 11 March the Bank also announced a large package of measures to help keep firms in business and people in jobs and to help prevent a temporary disruption from causing longer-lasting economic harm. The package was coordinated across the Bank’s areas of responsibility and announced on the same day as the Government’s budget.
For further support and business advice please contact Business Wales on: 03000 6 03000
Detailed information can be accessed on the Business Wales website
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.