Financial Support for Business (COVID-19)
This page will be updated regularly with the latest information on support available to businesses impacted by Coronavirus.
Click here to see our easy to read checklist of financial support available to businesses
The UK Government has set out a package of measures to protect businesses through this period of disruption caused by COVID-19. Businesses in Wales could benefit from the following UK Government schemes:
- Support for businesses through the Coronavirus Business Interruption Loan Scheme
- Support for businesses paying tax
- Support for SMEs who are paying sick pay to employees
- Extra protection for businesses with ban on evictions for commercial tenants who miss rent payments
There will be support to businesses by deferring Valued Added Tax (VAT) payments for 3 months. If you’re self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.
Coronavirus Job Retention Scheme
Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis, all UK businesses are eligible. More information here
Development Bank of Wales
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. The Scheme will be available from the Development Bank of Wales for a limited period. It is intended to provide support to businesses who are experiencing cashflow difficulties as a result of the pandemic. Details of the fund, eligibility and application process can be found on the Development Bank of Wales’s website
Support for Self Employed
The UK Government has announced a package of support for the Self- Employed impacted by the Coronavirus outbreak, bringing support to the same level as that for employees.The new Self-Employed Income Support Scheme, means those eligible will receive a cash grant worth 80% of their average monthly trading profit over the last three years.The scheme will be open to those with a trading profit of less than £50,000 in 2018-19 or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.
If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020.
For further information on the Self- Employment Support Scheme please visit the GOV.UK website.
Welsh Government have recently announced that they will support businesses with a grant of £10,000 or £25,000 depending on the rateable value of the business. The flowchart provides information on whether a business is entitled to a grant or not. Please note this grant only applies if you are in a rateable business premise for which you hold the responsibility for rates.
Register for a Business Rates Grant (COVID-19)
This is being administered through the Local Authorities business rates system. We are requesting that you complete the form in the below link to allow us to collate all requests and to consider if we are able to award the grant.
Non Domestic Rates – Retail Leisure and Hospitality Rates Relief in Wales 2020 - Welsh Government Guidance
In this unprecedented economic crisis, Torfaen Council will be keeping businesses updated with the latest information on Coronavirus via this Business Support web page. This will be updated on a regular basis.
You can also subscribe for free to receive our e-mail updates.