Update on Financial Support for Businesses

Update on Financial Support for Businesses

On 30th June 2021, Welsh Government announced that businesses in Wales that continue to be affected by coronavirus (COVID-19) restrictions will be able to claim up to £25,000 of additional support.

The emergency package of support will cover the operating costs for July and August 2021 of businesses required to remain closed and who remain severely impacted as a result of the continuation of the restrictions.

Eligible businesses in the hospitality, leisure and tourism sectors and their supply chains who continue to be severely impacted by restrictions, such as travel agents, attractions limited by social distancing and venues for school visits, will also be eligible to apply for support.

Eligible businesses will be entitled to an additional payment of between £1,000 and £25,000, depending on their size, structure and circumstance, to cover the period up to the end of August.

To qualify for support, businesses must show their turnover has reduced by more than 60% compared to the corresponding timeline in 2019 or equivalent. All eligible businesses will need to apply for the funding.

An eligibility checker will open on the Business Wales website on Monday 5th July, which will allow businesses to check their eligibility for the support and the amount of support they are eligible to apply for, which will help them to start preparing their applications.

Applications from eligible businesses with a turnover above £85,000 are open using the eligibility checker from Tuesday 13th July 2021.

Eligible businesses with a turnover of less than £85,000 will be able to apply using the eligibility checker Monday 26th July and these payments will be made through the Local Authority. Applications will remain open until 9th August 2021.

The Welsh Government envisages this will be the final package of emergency  support for those business that are able to trade, based on the current level of COVID-19 restrictions. Should new restrictions be required in response to a new variant or other emerging developments, Ministers will review the need for additional support.

Wales Culture Recovery Fund Round 2 – Freelancer Fund

Applications for this fund have now closed. Applicants waiting to hear the outcome of their application will be advised shortly.

UK & Welsh Government Support for Businesses

UK Government has launched a ‘support finder’ tool which will help businesses and self-employed people across the UK to determine what financial support is available to them during the COVID-19 pandemic.

The tool asks business owners to complete a simple online questionnaire, which will direct them to a list of the financial support they may be eligible for.

The new business support finder tool can be found at https://www.gov.uk/business-coronavirus-support-finder.

Information regarding the range of support available from Welsh Government is available on the Business Wales Coronavirus advice page. This can be accessed here: Business Wales

Other Support Available:

Support from Local Business Networks

Monmouthshire County Council works closely with the county’s local business representatives all of whom would be happy to help with any individual business queries you may have.  Below are a list of contacts and the areas that they represent:

HMRC Tax Help-line

If as an employer you are having difficulties with your business tax, please visit the link below for guidance issued by UK Government.

HMRC Employer Tax Advice