Wales – Financial support for Businesses

Prior to the Chancellors national announcements today, and given the different rules around Covid in Wales, there are some specific economic measures that the Welsh has announced specifically related to their two week lockdown.

  • Grants of £1,000 will be available to businesses eligible for Small Business Rates relief and occupying a property with a rateable value of £12,000 or less whether or not they are required to close.
  • Grants of £5,000 will be available to retail, hospitality and leisure businesses required to close during the firebreak and occupying a property with a rateable value between £12,001 and £50,000.
  • Business will be automatically eligible for these elements and only need update their information and bank details via Business Wales or their local authority to access funding.
  • In addition, a discretionary £2,000 top-up grant will be made available on an application basis for businesses closed or materially affected by the firebreak lockdown.

And a further discretionary £1,000 grant will be made available to businesses on the same basis where they have been materially affected by local lockdown measures for 21 days or more prior to the start of the firebreak.

A further £20m is also being put into Business Grants with the Welsh Government removing the co-funding requirement for businesses required to close during the firebreak lockdown period. This means £100m in business grants will be available for firms of all sizes.

Those who are self-employed will be able to continue to access the UK Government’s extended Self-Employment Income Support Scheme, and in addition they are  also be eligible to apply for the local discretionary grant funding which will be operated by local authorities.

Small businesses applying for Business Grants will be asked to sign-up to the principles of the Welsh Government’s Economic  whereas Medium sized and larger businesses receiving a grant will be expected to sign a full Economic Contract.

Welsh businesses are also  able to receive Job Retention Scheme support for eligible employees for the period between October 23 October 31, and the Open and Closed Job Support Schemes from November 1.