Welsh Government is doubling the third phase of its Economic Resilience Fund, making nearly £300 million available to support businesses that continue to be affected by COVID-19.
The Economic Resilience Fund, which complements support schemes available from the UK Government, is part of the Welsh Government’s £1.7 billion support package for businesses to help deal with the economic impacts of coronavirus.
The new and bolstered economic package will see:
- payments of £1,000 for businesses that are eligible for Small Business Rates relief and occupy a property with a rateable value of £12,000 or less
- payments of up to £5,000 for retail, hospitality and leisure businesses that are required to close and which occupy a property with a rateable value of between £12,001 and £51,000
- a discretionary £2,000 top-up grant for businesses closed or materially affected by the firebreak lockdown
- a further discretionary £1,000 grant for businesses that were materially affected by local lockdown measures for 21 days or more prior to the start of the firebreak lockdown period
Welsh Government is also providing a further £20 million towards business grants meaning £100 million will be available for this purpose.
Previously, companies were required to provide a percentage of the funding to access these grants, but Welsh Government has now confirmed it will provide 100% funding for businesses forced to close during the firebreak.
More information, which will be regularly updated during this week, can be found on Business Wales COVID-19 support for Businesses pages.