As the economic impact of Covid-19 continues to impact upon Wales, the听FSB听team in Wales and across the 海角视频 is working tirelessly to do everything possible to support businesses and the self-employed.
The team is working with 海角视频 and Welsh Government on behalf of all businesses and will continue to represent and advocate the views of business to the governments.
Below is a summary of support available, and where it can be accessed.
As events continue to move at a pace, that this information may become out of date very quickly.
The best source of advice is Business Wales and the information below is intended to signpost only.
Business Wales is the best port of call for detailed info specifically for you. You can contact them on 03000 6 03000.
Other support and advice is available from听FSB听at听
Business rates
-听听听听听听听听听听Businesses up to a rate able value of 拢500,000 in the retail, hospitality and leisure sectors will receive 100% rate relief.
Business grants
路听听听听听听听听听Grant of 拢25,000 for retail, leisure and hospitality businesses with a rateable value of between 拢12,001 and 拢51,000.
路听听听听听听听听听拢10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of 拢12,000 or less.
路听听听听听听听听听Businesses will need to apply to their local authority for this grant. Information on how to do so can be found here:听
路听听听听听听听听听Welsh Government has also announced an Economic Resilience Fund. This includes:
-听听听听听听听Grants of 拢10,000 for micro-businesses employing up to nine people. This includes sole traders employing staff. Qualifying businesses will be able to apply by mid-April.
-听听听听听听听Grants of up to 拢100,000 for small and medium sized firms with between 10 and 249 employees. Qualifying businesses will be able to apply from next week.
Statutory Sick Pay
路听听听听听听听听听听海角视频 Government will bring forward legislation to allow small- and medium-sized businesses and employers to reclaim 14 days of Statutory Sick Pay (SSP) paid for sickness absence due to听COVID-19. 听
Bridging loans
路听听听听听听听听听 海角视频: 听拢330 billion worth of commercial loan guarantees. The Coronavirus Business Interruption Loan Scheme has now been launched. More information is here:听
路听听听听听听听听听 Wales: 听Development Bank of Wales is offering capital repayment holidays for its customers. Further to this; the Development Bank has a new loan fund for those businesses experiencing cash flow problems as a result of the pandemic and will provide loans of between 拢5,000 and 拢250,000 at favourable interest rates. More information can be found here:听
Self-Employment 听鈥撎 海角视频 and Welsh Government
路听听听听听听听听听 海角视频: 听Grant guaranteeing 80 per cent of income to those affected, with earnings of up to 拢50,000. Currently for 3 months, with possibility of extension. The payment will be made in June and cover from March 1.
路听听听听听听听听听It is based on self-assessment, so will cover those with tax returns over last 3 years (only 1 year is needed), and be based on 80% of the average over the 3 years. This means that new businesses are not covered, and will have to apply for Universal Credit.
路听听听听听听听听听 Welsh Government: 听The Economic Resilience Fund (see above) is available to those self-employed people who employ others.
HMRC Time to Pay听 鈥 海角视频 Government
路听听听听听听听听听If your business in unable to pay your tax bills due to coronavirus, you could apply for a 鈥榯ime to pay鈥 agreement with HMRC. This allows you to pay in installments over an agreed period (typically 12 months).
Employment Support 鈥撎 海角视频 and Welsh Government
路听听听听听听听听听 海角视频: 听The Coronavirus Job Retention Scheme, allows companies to classify workers as a furloughed worker. This would mean that they are kept on payroll, rather than being laid off.
路听听听听听听听听听To qualify for this scheme, employees should not undertake work while they are furloughed. This will allow you to claim a grant of up to 80% of the wage for all employment costs, up to a cap of 拢2,500 per month.
An FSB spokesman added: "FSB听is continuing to work as hard as we can with Welsh and 海角视频 Governments to develop a package of support for businesses facing issues with coronavirus. We are providing intelligence to government departments on what businesses are facing, and if you鈥檇 like to share the issues affecting your business please feel free to contact us on听 wales@fsb.org.uk."
