“The Welsh Assembly Government has matched the measures outlined by the Chancellor and will be offering grants of £25,000 to Welsh retail, leisure and hospitality businesses with a rateable value of between £12,001 and £51,000, or a £10,000 grant to businesses eligible for Small Business Rates Relief. To apply for a grant, please use the following link:
There will also be a year-long business rates holiday for retail, leisure and hospitality businesses in Wales.
The Welsh Assembly Government has also announced a £500 million Economic Resilience Fund that will support businesses forced to temporarily cease trading, or which need cash flow support.
The £500 million fund will establish a new £100 million Development Bank of Wales fund which will be available for companies experiencing cash flow problems as a result of the pandemic and will provide loans of between £5,000 and £250,000 at favourable interest rates.
The second part of the Economic Resilience Fund will be £400 million of emergency funding to provide:
The Welsh Assembly Government will provide further details of the Fund in due course. I would advise that you keep abreast of the latest developments through the following link:
You might also be entitled to support through the Coronavirus Job Retention Scheme. This scheme will enable employers who pay their employees through PAYE to access Government funds which will pay a substantial portion of their employees’ salary. The purpose of the scheme is to safeguard workers from being made redundant and will cover the cost of wages backdated to 1 March. It will initially be open for 3 months, but will be extended if necessary.
The scheme applies to employees who have been asked to stop working, but who are being kept on payroll; otherwise described as “furloughed” workers. HMRC will reimburse 80 per cent of their wages, up to £2,500 per month.
You can find more information about the Coronavirus Job Retention Scheme through the following link:
The Coronavirus Business Interruption Loan Scheme is also available to businesses throughout the UK. The Scheme offers Government backed loans of up to £5 million on attractive terms, with the Government covering the first 12 months of interest payments and lender levied charges.
A number of banks have agreed that they will not take personal guarantees as security for any lending below £250,000, so long as it can be established that the borrower is unable to provide security. Primary residential property cannot be taken as security under the scheme.
If you would like to find out more about the scheme, you can do so through the following link:
A number of further measures have been announced, including deferring VAT and Income Tax payments as well as a Statutory Sick Pay relief package for small and medium sized businesses. To find out more about these additional measures, as well as contact details for the Business Support and HMRC helplines, please use the following link:
Business Wales has also set up a helpline to provide Welsh businesses with support and advice about dealing with coronavirus. The number to call is: 0300 060 3000.”
At the December 2019 General Election, David was re-elected as the Member of Parliament for Clwyd West, with an increased vote share of 50.7%.