As you will no doubt be aware Wales is at Alert Level 4, further information regarding these restrictions can be found HERE.
UK Government Support
Please use the Business Support finder to see what support you may be eligible to receive from the UK Government.
Self-Employed Income Support Scheme
The Self-Employment Income Support Scheme Grant has been extended. This comes in the form of two grants, each available for three-month periods covering November 2020 to January 2021 and February 2021 to April 2021. The third grant covering November to January will now be calculated at 80% of average trading profits. In addition, the opening of the service has been brought forward from 14 December to 30 November. Details about the third grant will be announced on 3rd March 2021. Further information including eligibility can be viewed here.
Coronavirus Job Retention Scheme (CJRS) Extended
The Coronavirus Job Retention Scheme (also known as the furlough scheme) has been extended to April. Employees can receive 80% of their current salary for hours not worked, up to a maximum of £2,500. Employer must also pay to HMRC the employer National Insurance contributions on the full amount that you pay the employee, including any scheme grant. Here
If you cannot pay your tax bill on time, information on support can be viewed here.
Support for small and medium sized businesses
Your business may be eligible for the following initiatives – please click the links to view further information on the schemes and eligibility:
- Coronavirus Business Interruption Loan Scheme delivered via the British Business Bank. (open until 31st March 2021)
- Bounce Back Loan scheme. (open until 31st March 2021)
- Support for businesses who are paying sick pay to employees.
Support for larger businesses
Welsh Government Business Support:
Wales has been at Alert Level 4, with a ‘Stay at Home’ message since the 20th December. As a result, further support has been announced by the Welsh Government.
Economic Resilience Fund Restrictions Business Support:
Following the announcement on continuing restrictions made on 29th January, the Welsh Government has made a further £200m of additional support available, part of a package of more than £2bn of Welsh Government help for businesses that can protect jobs and support individuals across Wales.
The latest funding will be used to extend the Economic Resilience Fund (ERF) Restrictions Business Fund non-domestic Rates (NDR) grant and Discretionary based grants for all non-essential retail, hospitality, leisure and tourism (NERHLT) sectors. It provides a top up payment to cover the period between the 25 January and end of March 2021 for businesses affected by national Alert Level 4 restrictions.
Businesses Eligible for the Extended Business Restrictions Fund will receive the following top up:
- Non-essential retail, hospitality, leisure and tourism businesses in receipt of Small Business Rate Relief (SBRR) and with a rateable value of £12,000 or less will be eligible for an additional £3,000 payment. Supply chain businesses qualifying for Small Business Rate Relief will also be eligible for this support if they have greater than 40% reduction in turnover during the restriction period.
- Non-essential retail, hospitality, leisure and tourism businesses with a rateable value of between £12,001 and £51,000 will also be eligible for a £5,000 payment if impacted by the restrictions. Supply chain businesses in the same rateable value bracket will also be eligible for this support if they have greater than 40% reduction in turnover during the restriction period.
- Non-essential retail, hospitality, leisure and tourism businesses with a rateable value of between £51,001 and £500,000 will also be eligible for a £5,000 payment if impacted by the restrictions. Supply chain businesses in the same rateable value bracket will also be eligible for this support if they have greater than 40% reduction in turnover during the restriction period.
Further information on the fund can be found at: https://businesswales.gov.wales/coronavirus-advice/erf-restrictions-business-fund
Wales Barrier Grant:
The Welsh Government has put in place a programme of employment and skills support to help people back to work.
Part of this programme includes additional support for individuals considering self-employment. In addition to the existing start-up service, a grant to support unemployed individuals that face greater economic barriers to starting a business is being made available.
This discretionary grant will help up to 600 individuals become self-employed or start a business, between December 2020 and March 2021.
The grant will be open to all unemployed individuals, however priority in allocating funding will be given to those most affected by the Covid-19 outbreak:
- Disabled people
- People from BAME backgrounds
- Young people not in education or training (NEETS) aged 18-24 or a College and University leaver in 2019 or 2020 (see full guidance notes)
The fund opens on the 1st December and further information and guidance can be found HERE
Bridgend County Borough Council:
Details regarding support and guidance from Bridgend County Borough Council can be found here: https://www.bridgend.gov.uk/my-council/performance-plans-and-reports/coronavirus-covid-19-latest-information-and-advice/covid-19-business-support/
Rhondda Cynon Taff:
Details regarding support and guidance from Rhonda Cynon Taff County Borough Council can be found here: https://www.rctcbc.gov.uk/EN/Resident/EmergenciesSafetyandCrime/InformationforResidentsCoronavirus/NEWCoronavirusCOVID19latestinformation/SupportandAdviceforBusiness/SupportandAdviceforbusinesses.aspx
I would encourage you to use the eligibility checkers to assess what support you may be eligible for.
If there is anything my office can support you with, please do not hesitate to get in touch by responding to this email.