Economy Minister confirms further Welsh Government support for businesses impacted by Covid restrictions

Businesses in Wales that continue to be affected by Covid restrictions will receive up to £25,000 of additional support from the Welsh Government, Economy Minister, Vaughan Gething, announced today.

The emergency package of support will cover the operating costs for July and August 2021 of businesses required to remain closed and who remain severely impacted as a result of the continuation of the restrictions.

Eligible businesses in the hospitality, leisure and tourism sectors and their supply chains who continue to be severely impacted by restrictions, such as travel agents, attractions limited by social distancing and venues for school visits, will also be eligible to apply for support.

Economy Minister, Vaughan Gething said: “Since the start of the pandemic, we have pulled every lever we can to back Welsh businesses.

“We’ve provided in excess of £2.5bn funding to Welsh businesses, in a package that has been designed to complement and build on the support provided by the UK Government. We’ve also extended our 100% business rate relief package until the end of this financial year. This targeted approach, focussed particularly on backing small businesses and Welsh communities, has helped protect in excess of 160,000 Welsh jobs which might otherwise have been lost.

“To support businesses further, I am today announcing additional support to help cover the costs of those business in Wales that need to remain closed, or remain significantly impacted by Wales’ staged transition to Alert Level One, which was made necessary by the risks posed by the delta variant.

“This Welsh Government is determined to do all we can to support Welsh businesses during these incredibly difficult times.”

Eligible businesses will be entitled to an additional payment of between £1,000 and £25,000, depending on their size, structure and circumstance, to cover the period up to the end of August.

To qualify for support, businesses must show their turnover has reduced by more than 60% compared to the corresponding timeline in 2019 or equivalent. All eligible businesses will need to apply for the funding.

An eligibility checker will open on the Business Wales website on the 5th of July, which will allow businesses to check their eligibility for the support and the amount of support they are eligible to apply for, which will help them to start preparing their applications.

The fund will open to applications from Tuesday 13th July 2021, and will remain open for a 2 week period, closing on Friday 23rd July 2021.

The Welsh Government say they envisage this will be the final package of emergency support for those business that are able to trade, based on the current level of Covid restrictions. Should new restrictions be required in response to a new variant or other emerging developments, Ministers say they will review the need for additional support.

Beyond the emergency phase, should the situation allow, the Welsh Government also intends to deliver a Business Development and Recovery Fund, designed to support businesses with match funding to relaunch, develop and grow following the potential further relaxation of Covid restrictions, adding “This will be fully aligned with the priorities set out in the Welsh Government’s Programme for Government”.