As the economic impact of Covid-19 continues to impact upon Wales, theÌýFSBÌýteam in Wales and across the º£½ÇÊÓƵ is working tirelessly to do everything possible to support businesses and the self-employed.
The team is working with º£½ÇÊÓƵ 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As events continue to move at a pace, that this information may become out of date very quickly.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 fromÌýFSBÌýatÌý
Business rates
-ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýBusinesses up to a rate able value of £500,000 in the retail, hospitality and leisure sectors will receive 100% rate relief.
Business grants
·ÌýÌýÌýÌýÌýÌýÌýÌýÌýGrant of £25,000 for retail, leisure and hospitality businesses with a rateable value of between £12,001 and £51,000.
·ÌýÌýÌýÌýÌýÌýÌýÌýÌý£10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of £12,000 or less.
·ÌýÌýÌýÌýÌýÌýÌýÌýÌýBusinesses will need to apply to their local authority for this grant. Information on how to do so can be found here:Ìý
·ÌýÌýÌýÌýÌýÌýÌýÌýÌýWelsh Government has also announced an Economic Resilience Fund. This includes:
-ÌýÌýÌýÌýÌýÌýÌýGrants of £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.
-ÌýÌýÌýÌýÌýÌýÌýGrants of up to £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
·ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýº£½ÇÊÓƵ 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 toÌýCOVID-19. Ìý
Bridging loans
·ÌýÌýÌýÌýÌýÌýÌýÌýÌý º£½ÇÊÓƵ: Ìý£330 billion worth of commercial loan guarantees. The Coronavirus Business Interruption Loan Scheme has now been launched. More information is here:Ìý
·ÌýÌýÌýÌýÌýÌýÌýÌýÌý Wales: ÌýDevelopment 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 £5,000 and £250,000 at favourable interest rates. More information can be found here:Ìý
Self-Employment Ìý–Ìý º£½ÇÊÓƵ and Welsh Government
·ÌýÌýÌýÌýÌýÌýÌýÌýÌý º£½ÇÊÓƵ: ÌýGrant guaranteeing 80 per cent of income to those affected, with earnings of up to £50,000. Currently for 3 months, with possibility of extension. The payment will be made in June and cover from March 1.
·ÌýÌýÌýÌýÌýÌýÌýÌýÌýIt 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.
·ÌýÌýÌýÌýÌýÌýÌýÌýÌý Welsh Government: ÌýThe Economic Resilience Fund (see above) is available to those self-employed people who employ others.
HMRC Time to PayÌý – º£½ÇÊÓƵ Government
·ÌýÌýÌýÌýÌýÌýÌýÌýÌýIf your business in unable to pay your tax bills due to coronavirus, you could apply for a ‘time to pay’ agreement with HMRC. This allows you to pay in installments over an agreed period (typically 12 months).
Employment Support –Ìý º£½ÇÊÓƵ and Welsh Government
·ÌýÌýÌýÌýÌýÌýÌýÌýÌý º£½ÇÊÓƵ: ÌýThe 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.
·ÌýÌýÌýÌýÌýÌýÌýÌýÌýTo 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 £2,500 per month.
An FSB spokesman added: "FSBÌýis continuing to work as hard as we can with Welsh and º£½ÇÊÓƵ 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’d like to share the issues affecting your business please feel free to contact us onÌý wales@fsb.org.uk."
