2022 Funding Wales – Covid Support
Welsh Government has announced further funding for Wales’ businesses in the year ahead. With announcements being made suddenly, so follows the support. Below we outline the latest position for businesses affected by the new Omicron variant public health measures.
ERF Business Grant
The Economic Resilience Fund (ERF) is targeted at businesses in the hospitality, leisure and attraction sectors and their supply chains who have been materially impacted by a greater than 50% reduction of turnover between 13 December 2021 and 14 February 2022. Applications for this fund begin to open from week commencing 17 January 2022 and will remain open for two weeks.
Non Domestic Rates Linked Grant
Local Authorities will be delivering a Non Domestic Rates (NDR) linked grant fund to non-essential retail, hospitality, leisure and tourism for rate paying businesses. There will not be an application process for this element however in order to receive payment businesses must register with their local authority to confirm their details.
Registration opened 13 January 2022.
Please check your Local Authority website for updates and more details.
The Local Authorities across Wales will open applications for support for those businesses that are ineligible for Non Domestic Rates support with a turnover of less than £85,000 week commencing 17 January 2022 and remain open for two full weeks.
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.
DECEMBER ANNOUNCEMENTS 2021…
Additional economic support will be available for businesses in nightclubs, retail, leisure, tourism and hospitality receiving 50% non-domestic rates relief for 2022-23. This £120 million package of funding, combined with existing permanent relief schemes, will ensure over 85,000 properties are supported in 2022-23.
The funding includes £20m on top of ‘consequential funding’ received from the UK Government, and follows Welsh Government providing business rate support above and beyond the offer from the UK government in this financial year. A further £35 million has been confirmed to freeze the non-domestic rates multiplier for 2022-23, ensuring no increase in rates businesses are paying. The scheme will be capped at £110k per business across Wales.
Read the full announcement at Gov Wales.
£3m Spectators Sports Fund
Economy Minister Vaughan Gething has also just announced a £3m Spectator Sports Fund to support clubs and venues who must close after Christmas in early 2022. This follows the sudden recent rise in the number of confirmed cases of the fast-moving variant Omicron. The money will support clubs and sporting venues affected by the new measures to protect public health. Further information is to follow on eligibility and how to apply.
Read the full announcement at Gov Wales.
It’s important to note that these funds are taxable and that you work closely with your accountant when filing your annual return.
Additional Funding for Affected Businesses – up to £6k per business
The BBC announced that additional funding will be made available to businesses in England and the rest of the UK: Covid: Chancellor announces £1bn fund for businesses – BBC News
The UK’s devolved administrations will receive £154m of Barnett funding to cover all three schemes, with around £80m for Scotland, £50m for Wales and £25m for Northern Ireland.
Under existing council-run schemes, restaurants, bars, cinemas and theatres can apply for a maximum grant of £6,000 for each of their premises.
Local councils can also dispense an additional restrictions grant – with a total fund of £102m – to businesses outside leisure and hospitality at their own discretion.
This means that any business, including suppliers of hospitality or leisure business, could apply for this money.BBC News
Cultural Winter Stability Fund
Also see help now available for cultural venues:
SSP Rebate Reintroduced – Firms Can Claim for Covid Sickness
SSP Rebate has also been reintroduced as part of the package announced on 21 December
For help with your business finances including sourcing grants, talk to our team at LHP via let’s talk. We wish you all the best during this difficult time and will be jumping on latest funding news as it evolves.