The Welsh Government is today announcing a package of support worth more than £200m for small businesses to help them during the coronavirus outbreak.
Shops, leisure and hospitality businesses with a rateable value of £51,000 or less will receive 100% business rate relief and pubs with a rateable value of between £51,000 and £100,000 will receive a £5,000 reduction on their bill.
A further £100m will be available for a new grant scheme for small businesses which are not eligible for this new business rate relief. Further details on this new grant scheme will be confirmed as soon as possible.
Announcing the decision, Finance Minister Rebecca Evans said:
“I’m pleased we can offer this package of support to businesses as part of our response to the coronavirus outbreak. We are allocating every penny of the funding we will be receiving as a consequence of the schemes the UK Government announced in England last week to support businesses in Wales.
“But I know that helping businesses with their rates bills will not be enough to protect them from the severe drop in custom many are experiencing as coronavirus cases increase.
“We will be calling on the UK Government to act quickly and decisively to provide a very significant support package for vulnerable businesses and their employees.”
- The enhancements to Non-Domestic Rate Relief in Wales will cost approximately £105 million and are in addition to the Welsh Government’s existing High Street and Retail Rates Relief and Small Business Rates Relief schemes.
- In addition, a fund of at least £105million has been allocated to support small businesses which are not eligible for the enhanced scheme, for example businesses which already pay no Non-Domestic Rates
- This announcement follows confirmation yesterday by the UK Government of the consequential funding for Wales from the business support schemes for England announced last week. This consequential is based on population rather than need.
4. With many businesses in the retail, leisure and hospitality industries facing many months of severely depressed trade, we are suggesting a range of tax and employment-related initiatives which the UK Government could take to prevent business bankruptcies.