Additional £1.4 Billion Covid-19 Support Package for Wales' Businesses

Additional £1.4 Billion Covid-19 Support Package for Wales' Businesses

Thursday, 19 March, 2020

Further financial measures have been outlined to assist businesses in Wales to stay solvent as the coronavirus accelerates across the country.

Welsh Government ministers have announced a new financial support package to help businesses across Wales struggling to cope with the impact of the coronavirus outbreak. An additional £1.4 billion has been set aside, matching the measures already announced for small businesses in England.

All retail, leisure and hospitality businesses will receive 100% non-domestic rates relief in 2020-21. This enhanced scheme, in combination with the existing Small Business Rates Relief (SBRR) scheme, will ensure that over 70,000 businesses in Wales will pay no rates at all in 2020-21. 

In addition to this scheme, £850 million will be available for a new grant scheme for businesses.  All businesses currently eligible for SBRR – those with a rateable value up to £12,000 – will receive a grant of £10,000. Retail, leisure and hospitality businesses with a rateable value between £12,001 and £51,000 will receive a grant of £25,000. This support will operate in addition to an existing £230 million package of rates reliefs. 

The Welsh Government is also establishing a hardship fund to provide targeted support for certain other businesses.

Finance Minister Rebecca Evans said:

'This new support package recognises the scale of the unprecedented challenges we are facing and provides much-needed support for vulnerable sectors in Wales.'

Economy, Transport and North Wales Minister, Ken Skates said:

'As a Welsh Government, we are absolutely committed to providing the support and assurance the business community needs during these difficult times.

'The importance of small businesses and self-employed people without rateable properties cannot be overstated.

'We are exploring what further support we and the UK Government can provide.'

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