Coronavirus: Business Support

Economic Resilience Fund (ERF)

*The Economic Resilience Fund has been paused following the very large number of applications to give Welsh Government an opportunity to consider what further support businesses, charities and social enterprises need. For information on other forms of support visit: https://businesswales.gov.wales/coronavirus-advice/

A £500 million fund provided by Welsh Government to support Welsh businesses and organisations through the economic consequences of the COVID-19 outbreak. Supports firms of all sizes, including social enterprises and charitable organisations and aims to plug gaps in the support schemes already announced. Its focus will be on businesses who have been unable to access other coronavirus grants.

• Micro businesses or organisations (employing between 1 to 9 employees) that are eligible for Business Rates relief are NOT eligible to apply. All other microbusinesses and organisations that meet the criteria are eligible to apply.

• Small and Medium sized businesses or organisation (employing between 10 to 249) are eligible to apply, even if they have received business rates linked grant funding. However, any previous funding will be deducted from any allocation from this fund.

• Larger businesses (employing 250+ employees) need to call 03000 6 03000 to arrange a meeting with a Welsh Government Business Development Manager.

The eligibility checker can be accessed here

Coronavirus Job Retention Scheme
The UK Government’s Coronavirus Job Retention Scheme is now live, with businesses able to claim up to £2,500 a month towards staff wages.

Employers can apply for direct cash grants through HMRC’s new online portal – with the money expected to land in their bank accounts within six working days.

The link to the online portal can be found here https://www.gov.uk/government/news/coronavirus-job-retention-scheme-up-and-running

Business Interruption Loan Scheme
A new temporary loan scheme, covering a variety of different products such as loans, overdraft, invoice finance and asset finance, delivered by the British Business Bank. Launched to support primarily small and medium sized businesses to access bank lending and overdrafts. Further details can be found at: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils

Business Rates Grants
The Welsh Government is working in partnership with local authorities to deliver the grants to qualifying businesses. This grant is for Business Rate paying premises only and is split into 2 parts:

• £25,000 grants for businesses operating within the retail, leisure or hospitality sector and occupying properties with a rateable value of between £12,001 and £51,000.

• £10,000 grants for all businesses eligible for small business rates relief (SBRR) in Wales

For further information or to check your eligibility email business@npt.gov.uk

Please note: Confirmation of State Aid received under the Covid-19 Temporary Framework for UK Authorities measure and Undertaking in Difficulty Status

The Euro equivalent of the Sterling aid amount is calculated using the Commission exchange rate applicable on the date the aid is offered. Any aid provided under this measure will be relevant if you wish to apply, or have applied, for any other aid granted based on the European Commission’s Temporary Framework. You will need to declare this amount to any other aid awarding body who requests information from you on how much aid you have received. You must retain this information for four years after the conclusion of the UK’s transition from the EU and produce it on any request from the UK public authorities or the European Commission.

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Government Financial Support Package for Innovative Firms
UK businesses driving innovation and development will be helped through the coronavirus outbreak with a £1.25 billion government support package. The comprehensive package includes:

  • a new £500 million loan scheme for high-growth firms called the Future Fund, which provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors
  • £750 million of targeted support for small and medium sized businesses focusing on research and development.

Coronavirus Bounce Back Loans
The Bounce Back Loan scheme is now open for applications.

Key details:
• Businesses can borrow between £2,000 and £50,000.
• The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
• Loan terms will be up to 6 years.
• The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
• The scheme will be delivered through a network of accredited lenders

Details on how to apply are here: https://bit.ly/BounceBackLoanApply

The Prince’s Trust and NatWest Enterprise Relief Fund

The £5million Enterprise Relief Fund offers grants to 18 to 30-year olds across the UK who are self-employed and/or running their own business. In conjunction with cash grants, the initiative provides one-to-one support and guidance to anyone who needs it and who may be worried about their future.

https://www.princes-trust.org.uk/about-the-trust/coronavirus-response/enterprise-relief-fund

 

Self-employment Income Support Scheme

The UK Government has announced a package of support for the Self Employed impacted by the Coronavirus outbreak, bringing support to the same level as that for employees.

The Self-employment Income Support Scheme will pay a taxable grant of 80% of average annual profits over the last 3 years up to £2,500 per month. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational.

The most recent information on the support announced by the UK Government can be found on their website.

HMRC Self-employment eligibility tool
This week HMRC will start contacting customers who may be eligible for the new Self-Employment Income Support Scheme. The scheme will allow customers to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500, equivalent to three months’ profits.

Customers can claim if they’re a self-employed individual, or a member of a business partnership, their business has been adversely impacted by coronavirus.

Customers can check eligibility using the self-employed checker tool: https://bit.ly/SelfEmployTool

*Individuals should not contact HMRC, if eligible, you will be contacted*

Coronavirus Job Retention Scheme

Those who pay themselves a salary and dividends through their own company are not covered by the Self-employment Income Support Scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes.

Employers can apply for direct cash grants through HMRC’s new online portal – with the money expected to land in their bank accounts within six working days.

The link to the online portal can be found here https://www.gov.uk/government/news/coronavirus-job-retention-scheme-up-and-running

 

Universal Credit

You can make a claim for Universal Credit while you wait for the grant. You should record the grant as part of your self-employment income, and it may affect the amount of Universal Credit you get. This will not affect Universal Credit claims for earlier periods.

 

£1m Cultural Resilience Fund

To respond to short-term pressures and recovery actions on a grant application basis for

  • museums
  • collections
  • conservation services
  • archives
  • community and public libraries .

To apply email CultureAndSport.Covid19@gov.wales with an outline of your requirements (no more than 200 words).

£7m Arts Resilience Fund led by the Arts Council of Wales

Working with the Arts Council, this fund will support artists and arts organisations most in need and least likely to benefit from other support programmes. More information 

£8m Sport Resilience Fund

To support sports clubs and partner networks which play such a vital role in ensuring the nation is able to remain active and enjoy all the health and wellbeing benefits that sport brings. More information 

£750k Emergency Relief Fund

To support the smallest and most vulnerable independent sector sport, museum and heritage organisations with cash flow and other critical issues.

This includes two grant programmes administered by the Welsh Museums Federation and Sport Wales.

£250k Digital Library Resources

  • To help public libraries provide digital resources to the public
  • Gives people resources to read and engage with whilst self-isolating

Visit Funding Wales’s dedicated coronavirus webpage to find out what grants and finance opportunities are currently available to charities, community groups and social enterprises. Funding Wales is a funding search platform created by Third Sector Support Wales.

Click here for more information: https://funding.cymru/pages/coronavirus-latest/

£26m to help small charities in Wales

The Welsh Government has announced that small charities within the retail, leisure and hospitality sector will receive a £10,000 business support grant to help them respond to the financial challenges of Covid-19.

This new package will support properties with a rateable value of £12,000 or below.

This includes:

  • charity run shops
  • sports premises
  • community centres

More details on how to apply will be on the website shortly

The Council's Work Station is able to support recruiting companies fill local job vacancies. If you would like to speak with one of our Employer Liaison Officers please get in touch 01639 684250 / workstation@npt.gov.uk

All accommodation providers should be closed unless prior authorisation has been given by Welsh Government or Neath Port Talbot Council to reopen. If you receive any enquiries from key workers or vulnerable people you will need to get the relevant approval. Requests for accepting specific bookings should be sent directly to tourism@npt.gov.uk where the enquiry and a certificate of exemption will be issued to confirm the booking is eligible.

A list of Frequently Asked Questions relating to accommodation closures within Wales has been provided by Welsh Government, these can be accessed via the Business Wales Website

Other Support, Guidance and Information

Welsh Government updated coronavirus guidance for employers: https://businesswales.gov.wales/news-and-blogs/news/covid-19-welsh-government-updated-coronavirus-guidance-employers

VAT Deferral will defer Valued Added Tax (VAT) payments due between 20 March 2020 and 30 June 2020.

Time to Pay Service can provide support to business and self-employed people with outstanding tax liabilities.

Webinars aimed at small and medium size businesses have been launch by Business Wales. They cover key topics to help minimise the impact of the virus and improve the survivability of your business.

Business Wales continues to provide up to date information on how businesses and employers should deal with COVID-19 issues and highlights the support that is available from both the UK and Welsh Government. To access visit https://businesswales.gov.wales/coronavirus-advice

A range of useful information for businesses is also available via Gov.uk website: www.gov.uk/guidance/coronavirus-covid-19-information-for-individuals-and-businesses-in-wales

Buy Local NPT is a council initiative aimed at supporting our local businesses and communities in these difficult times. You may be a business that wants to support local communities with food or shopping deliveries, or you may be looking to partner with another business to supply services for local people. If so, then register today.

Pen Y Cymoedd Wind Farm Community Fund is making emergency, fast-track funding available for organisations in the Fund area (the upper reaches of the Neath, Afan, Rhondda and Cynon Valleys).

There will be two funds:

  • Survival Fund: to provide emergency cashflow funding for organisations at risk of closure
  • Project Fund: to support additional services that meet immediate community needs

Pen Y Cymoedd also has grants available for businesses:

  • Micro fund – up to £5,000 – this is a one stage application
  • Vision fund - £5,001 to £25,000 – this is also a one stage application
  • Vision fund + - £25,001 upwards – this is a two stage application