This information has been updated to reflect the announcements made on the 12th May 2021.
As you will no doubt be aware Wales is at Alert Level 2, 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. The fourth grant covering lost earnings from February to April will continue be calculated at 80% of average trading profits and will be paid out in a single instalment capped at £7,500. Details about the fourth grant can be found here and deadline to apply is 1 June 2021
The fourth grant takes into account 2019 to 2020 tax returns and is open to those who became self-employed in the tax year 2019 to 2020. The rest of the eligibility criteria remain unchanged.
There will be a fifth grant covering May 2021 to September 2021. UK Government guidance on how to claim the fifth grant will be provided in due course.
Coronavirus Job Retention Scheme (CJRS) Extended
The Coronavirus Job Retention Scheme (also known as the furlough scheme) has been extended until the end of September 2021 following the Chancellor’s announcement at the Budget. From 1st July 2021, the level of grant will be reduced, and employers will be asked to contribute towards the cost of their furloughed employees’ wages.
The UK Government will cover 70% of employees’ wages, up to a cap of £2,187 for July and 60% of their wages up to £1875 for August and September for the time they spend on furlough. This is contingent on employers continuing to pay employees National Insurance and Pension contributions. For more information about changes to the furlough scheme click here.
If you cannot pay your tax bill on time, information on support can be viewed here.
Welsh Government Support
Businesses in Wales that are still being affected by coronavirus restrictions will be able to claim up to £25,000 more in support.
This latest support package will help those businesses, which remain affected by restrictions, to meet ongoing costs through to the end of June as they prepare for re-opening and more normal trading conditions.
Businesses that stand to benefit from this phase of support include:
- Nightclubs and late entertainment venues
- Events and conference venues NOT covered by the Welsh Government’s Cultural Recovery Fund (CRF)
- Hospitality and leisure businesses, including restaurants, pubs and cafes.
- Supply chain business, which have been materially impacted by restrictions.
An eligibility checker will open on the Business Wales website at 12pm on the 17th May so businesses can find out how much support they are likely to be entitled to and how to apply.
Businesses will be able submit applications by the end of the month and they will receive between £2,500 and £25,000 depending on their circumstances. Funding will be calculated based on the size of the business and the type of restrictions they are under.
I would urge all business owners who continue to be adversely affected by the Coronavirus pandemic to use the eligibility tracker when it goes live next week.
This support is in addition to the Welsh Government’s £610m non-domestic rates relief which will mean more than 70,000 retail, leisure and hospitality businesses pay no rates in 2021-22.