*We are working closely with Sport Wales to identify support and resources for sport, and will keep this document updated as further information becomes available *
The UK Chancellor has set out a package of temporary measures to support public services, individuals and businesses through the economic disruption caused by Covid-19. We are expecting another announcement from the Chancellor tomorrow (20.03.2020).
Welsh Government has also now announced some measures, but it is likely that more information will be published soon.
- Business Rate Relief
The Welsh Government has announced a package of support worth more than £1.4bn for small businesses to help them during the coronavirus outbreak.
Shops, leisure and hospitality businesses with a rateable value of £51,000 or less will receive 100% business rates relief. This will be administered through your local authority.
In 2020/21, retail, leisure and hospitality businesses in Wales (including gyms and sports clubs) will receive a one year 100% business rate relief and a grant of £25,000 for retail, leisure and hospitality businesses with a rateable value of between £12,001 and £51,000.
It also provides a £10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of £12,000 or less.
Businesses that qualify for this support will not need to do anything to apply for this scheme. This will be administered through the Business Rates system by Local Authorities.
The Welsh Government is exploring ways of supporting businesses who do not qualify for this scheme, details of this support will be added to the Business Wales website once confirmed.
- Business Interruption Loan Scheme
The UK government announced a temporary Coronavirus Business Interruption Loan Scheme to be delivered by the British Business Bank. It will launch in a matter of weeks to support businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs.
The scheme will support loans of up to £1.2 million in value. This new guarantee will initially support up to £1 billion of lending on top of current support offered through the British Business Bank. This will be available to businesses in Wales via your bank.
It is intended to support
the continued provision of finance to Welsh businesses during the Covid-19
outbreak. It will operate in much the same way as the current Enterprise
Finance Guarantee but on more attractive terms for both businesses and lenders.
The Business Interruption Loan
Scheme is will take a few weeks to set up. For further information on the
scheme in the meantime, businesses should monitor the British Business Bank’s website.
- Development Bank of Wales
The Development Bank of Wales has loan and equity funding available immediately to Welsh businesses. The Welsh Government is working closely with the Development Bank of Wales to consider additional support to help businesses through the Covid-19 impact.
To help limit and manage the commercial impact of the disease they are offering a3-month capital and monitoring fee repayment holiday for all customers on request.
For further information please visit the Development Bank of Wales website or call 0800 587 4140.
- Social Investment Cymru
This WCVA project is offering fast track emergency loans to help voluntary organisations through the worst of the impacts, while those with existing loans are being given the option to defer payments for a time.
Loans will be tailored to each applicant’s individual needs in terms of amount, term and repayment profile. They start with a blank piece of paper – what do you need? What best suits you in terms of repayments?
We recognise that speed of decision making and speed of availability of funds are paramount so that organisation can react quickly as events unfold. We are therefore reducing the applications process to its bare minimum this will mean that the majority of organisations will see money in their bank accounts within 7 days of submitting a completed application subject to prompt signature of documentation.
Eligibility Criteria are:
- Incorporated social enterprise or charity based in Wales
- Demonstrate effect on cash flow from flooding or Coronavirus
- Need to replace assets damaged in flooding
Money can be used for:
- Support for cash flow
- Purchase of replace assets
- Bridging of receipt of insurance claims
Existing loan holders
If you are an existing borrower you may not need any additional money at this point but he effect on your cash flow might be such that covering your monthly loan repayments could stretch things beyond where you may feel comfortable IN such case we will be happy to receive a request to suspend loan repayment for an agreed period.
Get in touch
If you’d like to apply for an Emergency fast-track loan or amend your existing loan repayments, please contact the SIC team on [email protected] or 0300 111 0124
- Community Amateur Sports Clubs (CASCs) and Charities
We are seeking clarification on eligibility for CASCs and Charities and will provide a further update when we know more.
- For those struggling with tax liabilities
HMRC has a set up a phone helpline to support businesses and self-employed people concerned about not being able to pay their tax due to coronavirus (COVID-19).
If you are experiencing problems with your tax liabilities, you may be eligible for support through HMRC’s Time to Pay Service. If you run a business or are self-employed and are concerned about paying your tax due to coronavirus, you can call HMRC’s dedicated COVID-19 helpline for help and advice: 0800 0159 559.
Further information
For further support and business advice please contact Business Wales on 03000 6 03000.
BEIS guidance to employers and businesses about covid-19 – Link to information and guidance from the UK Government on areas such as Statutory Sick Pay, Advice for employees which have travelled to high risk areas and home working.
Finally, please do not hesitate to contact the us at the WSA if you have any further questions in relation to COVID-19 or the government’s response.
