Coronavirus (Covid-19): Emergency support for businesses
Information on the emergency support for businesses because of Coronavirus.
The Future Fund
This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.
Find out more about the future fund (external website)
Economic Resilience Fund
Welsh Government announced that Businesses can benefit from an emergency pot to provide extra support to the Welsh economy and businesses by providing
- grants of £10,000 for micro-businesses employing up to nine people. This includes sole traders employing staff
- grants of up to £100,000 for small and medium sized firms with between 10 and 249 employees
- support for larger Welsh companies, which are of critical social or economic importance to Wales
Visit the Business Wales Website for more information about the Economic Resilience Fund (external website)
Start Up Grant
A grant of £2,500 is available to assist newly created businesses that have been affected by the Covid-19 outbreak.
To be eligible for the start-up grant, businesses must:
- have not received funding from the Welsh Government’s Economic Resilience Fund or the non-domestic rates grant
- have been set up between the 1 April 2019 and 1 March 2020 and have not qualified for the UK Government’s Self Employment Income Support Scheme
- have less than £50,000 turnover
- have experienced a drop in turnover of more than 50% between April and June 2020.
To access the grant you must first use the eligibility checker (external website).
Bounce Back Loan scheme
The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.
The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
Find out more about the Bounce Back Loan scheme on gov.uk (external website)
Business Loan Scheme
The Welsh Government and the Development Bank of Wales have announced the £100m Covid-19 Wales Business Loan Scheme to support businesses affected by the Covid-19 outbreak.
Visit the Development Bank of Wales website for more information about the Business Loan Scheme (external website)
Coronavirus Job Retention Scheme
A HMRC initiative, the coronavirus Job Retention Scheme states all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis.
Find out more about the Coronavirus Job Retention Scheme by visiting the Business Support website (external website)
Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.
Visit the British Business Bank to find out more about the Coronavirus Business Interruption Loan Scheme (external website)
Self Employed Income Support Scheme
If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) find out if you can use this scheme to claim a grant.
Visit GOV.UK for more information about the Self-employment Income Support Scheme (external website)
Statutory Sick Pay
Employees who follow advice to stay at home and who cannot work as a result will be eligible for statutory sick pay (SSP), even if they are not themselves sick.
Visit the Business Support website for more information on Statutory Sick Pay (external website)
Deferral of Self- Assessment payment
The Self- Assessment payment on account that is ordinarily due to be paid to HMRC by 31 July 2020 may now be deferred until January 2021.
If you are due to pay a self- assessment payment on account on 31 July 2020 then you are eligible for the deferment.
Find out more about the Deferral of Self-Assessment payment by visiting the Business Support website (external website)
HMRC Coronavirus support helpline
A dedicated helpline has been set up by HMRC to support businesses and self-employed people in financial distress and with outstanding tax liabilities to receive support with their tax affairs.
Find out more about the HMRC Coronavirus helpline (external website)
Cadwyn Clwyd has funds available to support community enterprises, charities, formal community groups and public sector organisations to enable them to develop and trial new ways of providing support to frontline community support in the context of the of the current Covid-19 crisis.
Contact Cadwyn Clwyd (external website)
Businesses that have cover for both pandemics and government-ordered closure should be covered, as the government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres etc. is sufficient to make a claim.
Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers. Most businesses are unlikely to be covered, as standard business interruption insurance policies are dependent on damage to property and will exclude pandemics.
Extra support for the welfare system
The Department for Work and Pensions is looking to support all those who are affected by corona virus by providing information and details regards claiming benefits
Citizens Advice Denbighshire (external website) are also able to assist you with making an initial claim or helping you update your existing one.
Enterprise Relief Fund for Young Entrepreneurs
The Prince's Trust and NatWest have announced the launch of a £5million Enterprise Relief Fund which will offer grants to 18 to 30-year olds across the UK who are self-employed and/or running their own business. In conjunction with cash grants, the initiative will offer one-to-one support and guidance to anyone who needs it and who may be worried about their future.
Visit the Prince's Trust website for more details on the Enterprise Relief Fund for Young Entrepreneurs (external website)