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Chartered Accountants

Government support for businesses in Wales during Covid-19 outbreak

Written 23 March 2020

 

The Welsh Government has issued details of its support for businesses in Wales.

 

For the full details please see: https://gov.wales/business-and-employers-coronavirus

 

The Government states: “Retail, leisure, hospitality and other small businesses can get support to help during the disturbance caused by coronavirus (COVID-19). We are also exploring what further support we can provide.”

 

Business Rate Relief

Retail, leisure and hospitality businesses will get one year business rates relief in 2020 to 2021. This means that they will not have to pay any business rates during this time.

 

This will be administered through the business rates system. You do not need to do anything.

Your local authority will contact you at the right time.

 

Grants

Retail, leisure and hospitality businesses with a rateable value of £12,001 and £51,000 will get a grant of £25,000.

 

All businesses with a rateable value of £12,000 or less that are eligible for Small Business Rates Relief will get a grant of £10,000.

 

How to apply

You do not need to do anything to apply for the grant. This will be administered through the business rates system. You do not need to contact your local authority. They will contact you.

 

New small business grant

Businesses will be able to apply for a new business grant.  Details about how to apply will be available shortly.

 

Business Interruption Loan Scheme

The UK government has set up a new temporary Coronavirus Business Interruption Loan Scheme. Small and medium sized (SMEs) businesses will be able to apply for bank loans and overdrafts.

The UK 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 UK government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value.

 

Businesses can access the first 6 months of that finance interest free, as UK government will cover the first 6 months of interest payments.

 

How to apply

Further details, including on the lenders providing access to this scheme will be announced in the coming days, and the scheme is now available. Please contact us for how you can apply, and the information required.

 

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