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.'