Businesses in Wales urged to register for financial support

The Welsh Government is urging businesses to ensure they are registered for financial support to help them deal with the ongoing impacts of coronavirus.

Last month, the Welsh Government announced an additional £200m package to help firms through to the end of March.

This takes the Welsh Government’s business support package from the December to March period to £650m.

The financial package is predominantly for businesses that pay non-domestic rates and have been forced to close or operate differently as a result of coronavirus restrictions.

As businesses need to have registered with their local authorities in October or later in order to receive the payments, the Welsh Government is urging firms that have not yet done so to take action now so they do not miss out.

Under the support package, eligible businesses with a rates value of less than £12,000, such as a small hairdressers or florists, would be entitled to receive £6,000 for the December to March period.

Firms with a rateable value below £150,000, for example a clothes shop, a restaurant or a gym, would be entitled to £10,000 for the same period of time.

The money is to help cover costs like rent, utilities and insurance.

This funding is on top of support from the Welsh Government’s £180m sector specific fund for tourism, tourism and hospitality businesses which received more than 8,000 applications before closing, as planned, on 29 January.

It is also in addition to income support offered by the UK Government such as the Job Retention Scheme and Self Employment Income Support Scheme.

Businesses that have received a payment via their local authority since the firebreak in October do not need to take further action.

However, the Welsh Government estimates that there are thousands of eligible businesses that might not yet have registered for this support.

Economy Minister Ken Skates said: “Welsh Government support continues to be crucial in protecting businesses and jobs throughout Wales.

“Since the beginning of the pandemic, we have ensured more than £1.75 billion has reached the banks accounts of businesses to help them deal with the ongoing economic impact of coronavirus.

“Eligible firms that pay non-domestic rates and have registered with their local authority since the firebreak in October should receive further support automatically so do not need to take further action. However, we know that too many firms have not yet registered. I urge those business owners to take action now so they can receive what they are entitled to.

“This money will be absolutely vital in helping firms up and down the country through these incredibly challenging times. We do not want any business to miss out or go under because of inaction so if you pay non-domestic rates but have not registered with your local authority since before the firebreak in October please do so now.”

Businesses who have not registered with their local authorities since the firebreak in October should visit the Business Wales website for more information on doing so – https://businesswales.gov.wales/coronavirus-advice/restrictions-business-fund-local-authorities