First Minister Mark Drakeford has revealed a new £500m fund to plug the gaps left in the coronavirus support available to businesses in Wales.
The funding is on top of a £1.4bn package of support for businesses in Wales announced last week.
The Economic Resilience Fund will support businesses, charities and social enterprises - with a focus on those who have missed out on support schemes already announced by the 海角视频 and Welsh Governments.
This follows the announcement of a business rates holiday for firms in the leisure, retail and hospitality sectors and the 海角视频 Government's Job Retention scheme, which pays up to 80% of a worker's wage if they are 'furloughed' because of coronavirus.
Mr Drakeford today said there will be a £400m emergency pot providing grants of between £10,000 and £100,000 and a new £100m Development Bank of Wales fund for companies experiencing cash flow problems
First Minister Mark Drakeford said: “The pace at which the coronavirus pandemic is affecting our economy is extraordinary.
"Now, more than ever, government needs to do all it can to support the economy and business.
“The recent announcements by the 海角视频 Government provided some much-needed protection for many workers and their families in Wales.
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"Only the 海角视频 Government has the macro-economic and fiscal levers to minimise the enormous damage this economic shut-down will do to the 海角视频 economy.
“But even with these interventions, there are elements of the economy, businesses and charities in Wales facing insolvency because fixed and operating costs – rent, residual salary costs, leasing charges for vital equipment and maintaining operations – cannot be met during this crisis.
“We made a commitment as a Welsh Government to fill the gaps and support the economy and businesses through this incredibly difficult time.
“This package of support provides further assurance to firms, charities and social enterprises that we will do just that – help them deal with the economic impact of the pandemic.”
The £100m Development Bank of Wales fund will be available for companies 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.
Meanwhile the emergency fund will provide grants 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.
There will also grants 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.
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There is support for larger Welsh headquartered companies, which are of critical social or economic importance to Wales.
The £500m Economic Resilience Fund will support businesses forced to temporarily cease trading – to go into “hibernation” – or which need cash-flow support to adapt to a remote way of working.
The new fund builds on the £1.4bn business support package announced by the Welsh Government on March 18, which provides a year-long rate relief holiday for all but the largest premises in the retail, hospitality and leisure sectors and grant-support for more than 70,000 small businesses.
Ken Skates, minister for the Economy, Transport and North Wales, said: “This £500m package will provide further vital assistance to thousands of firms and third sector organisations, which normally rely on trading income.
“We have been very clear, we are here to support the economy and the business community. We stand with every business and worker. Together we will get through this exceptionally challenging period.”
Lloyd Powell, head of the Association of Chartered Certified Accountants (ACCA) Wales, said: "We welcome the proposals announced today by the Welsh Government during what is a regional, national and global emergency.
"The economic response from Government has been swift and very welcome at a time of huge uncertainty for micro, small and medium sized businesses and the millions of people they serve, employ and trade with.
"With unprecedented economic stimuli being released to support the Welsh and the 海角视频 economy, it is encouraging the Welsh Government is attempting to demonstrate fiscal prudence by using cash reallocated from existing budgets and indeed new money from the 海角视频 Treasury.
"We await further schemes being announced throughout the week, it is important government continues to be receptive to the needs of business and acts as a vital safety net throughout the coronavirus pandemic – however long its duration."