The Welsh and UK Government has announced a package of support to assist businesses’ during the coronavirus outbreak. There are a range of business support packages and financial assistance available to businesses (with potentially more to follow).
A full list of information and contact details can be found at https://www.gov.uk/government/news/coronavirus-covid-19-guidance-for-employees-employers-and-businesses
https://businesswales.gov.wales/coronavirus-advice
Below are some answers to common queries:
I’ve heard there is support for the retail and leisure sectors?
Yes, Shops, leisure and hospitality businesses with a rateable value of £51,000 or less will receive 100% business rates relief and pubs with a rateable value of between £51,000 and £100,000 will receive a £5,000 reduction on their bill.
In addition, expanding on this support a new package providing in 2020/21, retail, leisure and hospitality businesses in Wales with one year business rates relief and a grant of £25,000 for retail, leisure and hospitality businesses with a rateable value of between £12,001 and £51,000.
The rateable value of your business can be found at https://www.tax.service.gov.uk/business-rates-find/search
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.
I’m a small business what financial support can I access?
If you are a business that qualifies for Small Business Rates Relief with a rateable value of £12,000 or less you will be eligible for a £10,000 grant
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.
When will the rate relief and grant support be available?
Soon, more information on timescales will be made available in due course and if you are eligible for the rate relief and grant schemes then you will be contacted directly.
https://businesswales.gov.wales/coronavirus-advice
What support and advice is available on sick pay and homeworking?
Statutory sick pay will be available for eligible individuals who have been diagnosed with coronavirus or who are self-isolating. SMEs (businesses with fewer than 250 employees) will be able to reclaim the cost of 14 days of statutory sick pay per employee.
There is advice available through Government BEIS guidance to employers and businesses about covid-19 on areas such as Statutory Sick Pay, Advice for employees which have travelled to high risk areas and home working.
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19
I’m not a small business and operate outside of the Leisure, retail and hospitality sector, what support is available to my business?
There is UK Government support available, further information can be found
https://www.gov.uk/coronavirus
I am struggling to meet my tax return timelines
If your business is unable to pay your tax bills due to the coronavirus, you could apply for a ‘time to pay’ agreement with HMRC. This allows you to repay your outstanding tax liabilities in monthly instalments over an agreed period (typically up to 12 months). If you’re concerned that you won’t be able to make a tax payment due to coronavirus, you should contact HMRC’s dedicated helpline as soon as possible.
Coronavirus Business Interruption Loan Scheme
A Coronavirus Business Interruption Loan Scheme for smaller businesses will be delivered by the British Business Bank. This will temporarily replace the Enterprise Finance Guarantee and offer more attractive terms for both businesses and lenders. It will help smaller businesses who are unable to secure finance due to having insufficient security by providing lenders with a government-backed guarantee against the outstanding facility balance. The Government will also cover the first 12 months of interest payments
I am a business that has received financial support from the Development Bank of Wales
Information on re-payment holidays and additional support from the Development bank can be found here
https://developmentbank.wales/coronavirus-support-welsh-businesses
Are there any other financial support options that I can explore?
Some of the high-street banks have announced measures such as payment holidays to help their customers manage the impact of the coronavirus outbreak.
The below are general helplines or dedicated numbers for coronavirus support:
Natwest – Speak to your Relationship Manager or contact 0345 711 4477
Barclays – Speak to your Relationship Manager or call 0800 1971 086. Open 8am-8pm
Lloyds – Promoting up to £2 billion of finance without fees to small businesses. Speak to Relationship Manager
HSBC – Helpline 08000 121 614. Open 9-5 Monday to Friday
RBS – Speak to Relationship Manager or Call 0345 600 2230
How do I keep up-to-date with information about COVID-19 and the impact on my business?
You can sign up to receive regular up-date e-mails from Gov.Uk here
https://www.gov.uk/coronavirus
https://businesswales.gov.wales/coronavirus-advice
An overview of the business support available in Wales is provided below:
COVID-19 BUSINESS SUPPORT IN WALES
