Covid-19: Welsh Government support (Update)
One year business rates relief.
Local Authorities will be looking to automatically award the business rates holiday to all eligible parties as soon as possible. Guidance on eligibility for the relief can be found here
As announced in a statement by Rebecca Evans, Minister for Finance and Trefnydd & Ken Skates, Minister for Economy, Transport and North Wales on 24 March, the Welsh Government has decided to make one adjustment to the Non-Domestic Rates (NDR) Relief for the hospitality, retail and leisure sector announced previously as above - to not extend the 100% relief to the small proportion of properties with a rateable value of £500,000 and above.
Local authorities are administering these two grants in Wales. For more information, visit: https://businesswales.gov.wales/covid-19-grants
Development Bank of Wales
Development Bank of Wales is offering a three-month capital and monitoring fee repayment holiday for their existing business customers impacted by the virus which they can request here or by contacting 03000 603000. This arrangement will remain in place until 30th June 2020.
You can also visit the Business Wales Covid 19 support page for information on help with business rates and other measures being taken by the Welsh Government.
Economic Resilience Fund (part of a £1.1bn Welsh Government funding package announced by the First Minister on 30 March)
A new £500m fund which will support firms of all sizes, including social enterprises, with a focus on those which have not already benefited from the coronavirus grants already, was announced by Welsh Government on 30 March. Further details were published on Friday 10 April and a link to the press release can be found here
The first phase saw the £100m Development Bank of Wales’ loan scheme fully subscribed in a week – all applications are being processed. The second phase, releasing £200m of funding, opened for applications on 17 April for 12 months via the Business Wales website and was targeted at microbusinesses, SMEs and large businesses of critical social or economic importance to Wales.