12.30pm Monday 23.03.20 Coronavirus: The Latest from the Welsh Government

Business rate relief

Retail, leisure and hospitality businesses

You will get one-year business rates relief in 2020 to 2021. This means that you will not have to pay any business rates during this time.

Q.How do I apply for this rate relief?

A.You do not need to do anything. The rate relief will be administered through the business rates system. Your local authority will contact you.

 

Grants

Retail, leisure and hospitality businesses with a rateable value of £12,001 and £51,000

You will get a grant of £25,000.

Businesses with a rateable value of £12,000 or less

All businesses that are eligible for Small Business Rates Relief will get a grant of £10,000.

Q. How do I apply for a grant?

A. You do not need to do anything to apply for the grant. This will be administered through the business rates system. You do not need to contact your local authority. They will contact you.

New small business grant

Q. What is this grant?

A. New Businesses will be able to apply for a new business grant.  Details about how to apply will be available shortly.

Business Interruption Loan Scheme

The UK government has set up a new temporary Coronavirus Business Interruption Loan Scheme. Small and medium sized (SMEs) businesses will be able to apply for bank loans and overdrafts.

The UK government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The UK government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value.

Businesses can access the first 6 months of that finance interest free, as UK government will cover the first 6 months of interest payments.

Q. How do I apply for a loan?

A. Further details, including on the lenders providing access to this scheme will be announced in the coming days, and the scheme will be available from early week commencing 23 March 2020.

 

Additional support

Get help and support for your business on Business Wales, or phone 03000 6 03000.

Get grants, loans and investment for your business on Development Bank of Wales, or phone 0800 587 4140.

Leave a Reply

Your email address will not be published. Required fields are marked *