The Economic Resilience Fund (ERF) is targeted at businesses in the hospitality, leisure and attraction sectors and their supply chains who have been materially impacted by a greater than 50% reduction of turnover between 13 December 2021 and 14 February 2022.
The funds seeks to compliment other COVID-19 response measures to support businesses, social enterprises and charitable organisations in Wales.
The ERF will support:
- Businesses impacted between 13 December 2021 and 14 February 2022 and closed by regulations from 26 December 2021.
- Event Space and attractions materially impacted between 13 December 2021 and 14 February 2022.
- Other businesses with greater than 60% impact on turnover between 13 December 2021 and 14 February 2022.
And (applies to all):
- Have experienced a material impact through reduced turnover of 50% or more between December 2021 and February 2022 as compared to December 2019 and February 2020.
You can use this tool to check your eligibility for this further package of support.
To read the Guidance Notes and FAQs visit Economic Resilience Fund (ERF) December to February 2022 | Business Wales (gov.wales)
For further information visit https://businesswales.gov.wales/coronavirus-advice/
In addition to the Economic Resilience Fund, Local Authorities will be delivering a Non Domestic Rates (NDR) linked grant fund to non-essential retail, hospitality, leisure and tourism businesses (NERHLT). There will not be an application process for this element however in order to receive payment businesses will be required to register with their local authority to confirm their details, NDR linked grants will then be paid directly to rate payers as follows:
- NERHLT businesses in receipt of Small Business Rate Relief (SBRR) and with a rateable value of £12,000 or less will be eligible for a £2,000 payment.
- NERHLT businesses with a rateable value of between £12,001 and £51,000 will be eligible for a £4,000 payment if impacted by the restrictions.
- NERHLT businesses with a rateable value of between £51,001 and £500,000 will be eligible for a £6,000 payment if impacted by the restrictions.
Local Authorities will also be delivering a discretionary fund via a short application process with sole traders, freelancers and taxi drivers able to apply for £1,000 and businesses that employee people but do not pay business rates will be able to apply for £2,000.
The registration process for the NDR linked grants will open on 13 January 2022.