UK Government ‘support finder’ tool will help businesses and self-employed people to quickly and easily determine what financial support is available to them during the coronavirus pandemic.
Following the First Minister’s announcement of a short firebreak, the Economic Resilience Fund is being enhanced to almost £300m, which includes an extra £150m to support to businesses affected by the firebreak. It also includes an additional £20m to the £80m fund already announced to help businesses develop in the longer term, of which £20m has been ring-fenced for tourism and hospitality.
The third phase of ERF also includes a Lockdown Business Fund which will be delivered by local authorities to eligible businesses of:
The latest funding is part of the Welsh Government’s £53 million package to support the culture and arts sectors which are coping with a dramatic loss of revenue as a result of the pandemic. Visit here for more details.
See more details and how to apply: Business Wales Financial Support and Grants
Businesses in the Hospitality, leisure and retail sectors with a Rateable Value of below £500,000 are eligible for 100% business rates relief for the financial year 2020/2021.
Coronavirus Job Retention Scheme November 2020 - April 2021
Under the Government’s Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying their employees’ salary for those who would otherwise have been laid off due to COVID-19.
The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached to the workforce. The scheme will open on 1 November 2020 and run for 6 months.
For more information: Job Support Scheme
For more information: Guidance for employees, employers and businesses
Self-employment Income Support Scheme (claim on or before 19 October 2020)
For more information: Self Employment Income Support Scheme
Self-Employment Income Support Scheme grant extension
The grant extension is for self-employed individuals who are currently eligible for the Self-Employment Income Support Scheme and are actively continuing to trade, but are facing reduced demand due to coronavirus (COVID-19).
For more information: Support for Self Employed
Covid-19 Wales Business Loan Scheme
Details of the fund, eligibility and application process can be found on: Development Bank of Wales
*Important update* Due to the unprecedented volumes of applications the Development Bank of Wales is now fully subscribed for the Covid-19 Wales Business Loan Scheme.
For more information: Business Interruption Loan Scheme
For more information: Apply for a Coronvirus Bounce Back Loan
For more information: Welsh Government: Grant to help Fishing Sector
Information for Businesses open during Coronavirus
Information for Small Business Support Scheme
If you are an employer looking to create jobs placements for young people, apply for funding as part of the Kickstart Scheme.
Ensuring that your business is COVID-19 safe and compliant while remaining productive and profitable can feel like a huge challenge. But help is available, at no cost to manufacturing businesses in Wales, through SMART Innovation programme, funded by the European Regional Development Fund.
From helping your business to operate safely and meet the necessary guidelines, to working with you to identify other opportunities to make your company more productive and profitable, SMART Innovation is here to help. Make your business safe, efficient and productive today.
Hundreds of businesses have already benefited from the SMART Innovation programme.
Find out more now: Innovation Support
*The UK Government has guaranteed funding for European Regional Development Fund (ERDF) projects until programme closure.
We would also like to hear from businesses in order that we can understand how much support is required.
Contact us via email via email@example.com
Useful links and other support available: Useful Links