Business Wales are keen for our members and supporters to have sight of the recent funding support available to them via their Covid funding platform. Despite the decision made to refuse previous Economic Resilience Funding to a shoot in Wales which was challenged by Aim to Sustain, Business Wales seem to be reaching out to our membership across all sectors to ensure that they have access to the necessary funding information.
Businesses in Wales impacted by the rapid spread of the Omicron variant may be eligible for emergency financial support under a new £120m Welsh Government support package to cover the period 13th December to the 14th February.
Under the latest package, eligible retail, hospitality, leisure and tourism (NERHLT) businesses impacted by restrictions and who pay non-domestic rates (NDR) will be entitled to a payment of up to £6,000 depending on their rateable value. In order to receive their payments businesses must register their details through a quick and easy online process. Registration will open via local authority websites from the 13th January 2022 until 14th February. NDR linked grants will then be paid directly to the rate payers as follows:
- NERHLT businesses in receipt of Small Business Rate Relief (SBRR) and with a rateable value of £12,000 or less will be eligible for a £2,000 payment.
- NERHLT businesses with a rateable value of between £12,001 and £51,000 will be eligible for a £4,000 payment if impacted by the restrictions.
- NERHLT businesses with a rateable value of between £51,001 and £500,000 will be eligible for a £6,000 payment if impacted by the restrictions.
In addition to this, impacted hospitality and leisure businesses and their supply chains may be able to apply for top up funding from a new Economic Resilience Fund (ERF). Eligible businesses can apply for grants of between £2,500 and £25,000, with grants dependant on their size and number of employees and the business will need to demonstrate a drop in turnover. An eligibility checker is available on the Business Wales website to help businesses see how much they can expect to receive.
The application window for ERF will open the week commencing 17th January 2022, for two weeks.