Covid-19: Business Support

Here you will find information about different sources of business support resulting from the Covid-19 outbreak:

**NOTE:
The following information is currently subject to sudden change. The content of this page is correct to the best of our abilities, but we advise you to follow the links that fall under each category to ensure that you receive the most up to date information.   

 

Support for small and medium sized enterprises - summary

Business rates

The Welsh Government has stated that all retail, leisure and hospitality businesses will receive 100% non-domestic business rate relief in 2020-21, regardless of their rateable value.

This is in addition to the existing Small Business Rate Relief scheme in Wales, where eligible business premises with a rateable value of up to £ 6,000 receive 100% relief.

Those with a rateable value between £6,001 and £12,000 will receive relief at a rate of 100% to zero.

https://businesswales.gov.wales/business-rates-relief-in-wales

Welsh Government Business Support Grants and Loans

The Welsh Government has announced a support package for certain businesses listed on the business rates register.

A grant of £25,000 will be offered for businesses in the retail, leisure and hospitality sectors with a rateable value of between £12,001 and £51,000.

The Welsh Government package also provides a £10,000 grant to all businesses with a rateable value of £12,000 or less and which are eligible for Small Business Rates Relief.

Payment will be made by BACS system, so you must provide your bank details. As soon as we have processed your return, subject to eligibility criteria being met, we will be making an immediate award to you.  

If you are eligible for the grant you must complete this application form:

Business Support Grant application form

Once you have sent the form, we’d appreciate your patience and ask you not to follow-up by phone. We very much appreciate the major challenges businesses are facing, and our staff will make every effort to get your payments to you as soon as possible. 

 

For those NOT eligible to receive the grant:

If you are not the premises' eligible business ratepayer, or you know of any reasons why you do not qualify for the grant, it is your duty to advise us as soon as possible so that we halt the grant payment. It is an offence to receive and keep this grant if you are not eligible.

To inform us that you are not eligible for the grant, please complete this form: 

'I am not eligible for the Business Support Grant' declaration form

 

Economic Resilience Fund

On 30 March, Welsh Government announced that they would be offering Business grants and loans in addition to the grants noted above. For further details please see: 

https://gov.wales/new-500-million-economic-resilience-fund-launched-wales

Salary costs

Coronavirus Job Retention Scheme:

You must change your employee status to "furloughed", and upload your employee details to a new portal created by HMRC. HMRC will then reimburse 80% of your employees' pay costs, up to £ 2,500 a month

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

Deferred VAT payments

VAT (Value Added Tax) payments will be deferred for 3 months.

Businesses that pay statutory sick pay to their staff

Available to businesses with up to 250 employees, to repay up to 2 weeks statutory sick pay to all eligible employees who have been off work due to Covid-19.

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses 

Welsh Development Bank customers

The Welsh Development Bank is offering its customers a 3-month capital repayment holiday to help manage their cash flow as the Covid-19 situation continues to develop.

https://developmentbank.wales/coronavirus-support-welsh-businesses

Self-employed

The Chancellor has announced that those self-employed people who earn at least half of their income from self-employment, and have an operating profit of up to £50,000 will receive a taxable grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month, for three months initially.  Eligible people will be contacted by HMRC once a system is in place.  Payments are not likely to be made until June, when a lump sum payment of three months’ average profit will be made. 

HM Revenue & Customs has set up a helpline to support businesses and self-employed people who are worried about being able to pay their tax due to Coronavirus (COVID-19). For more information, visit the GOV.UK website

The Chancellor has already announced the next income tax payment (Self-Assessment) will be deferred until January, and that changes have been made to Employment and Support Allowance so that self-employed people can access payments equivalent to Statutory Sick Pay.

The minimum income to claim Universal Credit has also been relaxed.

You can find further information about claiming benefits here.

If you need help applying for Universal Credit, you can use the Citizens Advice "Help to Claim" service on 08000 241 220

 

The Coronavirus Business Interruption Loan Scheme is open for applications and supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities and can provide facilities of up to £ 5 million for smaller businesses across the UK facing loss or deferral of revenue, leading to cash flow disruptions. The CBILS website is the best source of updated information. 

The New Technology Challenge to Support Isolated People 

£500,000 of funding is available to technology companies who are devising support solutions for people who need to stay home because of Covid-19. Funding of up to £ 25,000 per company is available. For more information visit techforce19.uk 

What businesses need to close?

A number of businesses have now been required to close. 

 

More information

There is a lot of recent information to be found on the Gwynedd Business Twitter and LinkedIn accounts.

Twitter - @BusnesGwynedd

LinkedIn - BusnesGwynedd

 

Contacts

HMRC Helpline for businesses and self-employed people who are worried about paying their taxes because of Covid-19: 0800 0159 559

Business Wales Helpline - 0300 060 3000, Monday to Friday, 8.30am - 5.30pm

Gwynedd Council business support service: busnes@gwynedd.llyw.cymru