Latest Wales Covid Business Support

Latest business support for Wales businesses has just been announced – with news that the Restrictions Business Fund is to be extended till March-end 2021.

The ERF Sector Specific Fund

The ERF Sector Specific Fund is now closed.

Restrictions Business Fund

The Restrictions Business Fund Non-Domestic Rates (NDR) and Discretionary based grants for non-essential retail, hospitality, leisure and tourism (NERHLT) sectors has been extended to provide a single top-up payment to cover 25 Jan 2021 till March 31st 2021, for businesses affected by national restrictions. Taken alongside the package for December and January, this will provide businesses with a minimum combined £6,000 – £10,000 grant before taking into account support via ERF Sector Specific Fun, Jobs Support Scheme and the wider package.

• Businesses with rateable value of £12,000 or under eligible to receive £3,000.
• Businesses with rateable value £12,001-£150,000 eligible to receive £5,000.
• Welsh Gov extending £5k grant to businesses with rateable value up to £500k.
• Supply chain businesses may apply if reduction in turnover of more than 40%.
• The combined package provides eligible businesses with an NDR rate of £12,000 or under with a £6,000 grant towards their operating costs, and an eligible business with an NDR rate of £12,001-£150,000 with a £10,000 payment.

This does not include, where eligible, businesses who have accessed the ERF Sector Specific Fund which would see a typical hospitality, leisure and tourism business with 10 employees receive up to an additional £15,000 meaning a £25,000 grant in total for the period.

A further £30m is also being made available through the discretionary fund to provide up to £2,000 grants for businesses not on the non-domestic rates system.

Find out more on the Business Wales website.

Business Wales Barriers Grant

The Business Wales Barriers Grant is also there for those that are considering self-employment. In addition to the existing start-up service, a grant to support unemployed individuals that face greater economic barriers to starting up in business, is being made available. This grant is set to help up to 600 individuals become self-employed or start a business until March 2021. They will receive up to £2,000 to contribute towards the costs of starting a business.

Find out more on the Business Wales website.

These packages of support are designed to help the Welsh economy as much as possible.

If you are struggling to understand any of this information, please contact our team at LHP and we will gladly help. Email info@lhp.co.uk or ring 01267 237534.