Financial Support for Business (COVID-19)

This page will be updated regularly with the latest information on support available to businesses impacted by Coronavirus.   

Welsh Government: 

COVID-19 Economic Resilience Fund (ERF) Business Support

The Welsh Government has announced further emergency support until 31 August 2021 for businesses that remain closed or severely impacted by restrictions shown via a greater than 60% impact on turnover compared to the corresponding timeline in 2019 or equivalent.

The Economic Resilience Fund (ERF) will provide support in the form of cash grants for businesses, social enterprises and charities and associated supply chain businesses that continue to experience a severe negative impact as a result of ongoing COVID-19 restrictions. The grants will help meet operating costs (excluding staff wages) for the period 1 July 2021 to 31 August 2021.

The ERF will support businesses that are either:

  1. Forced to remain closed or unable to trade by on-going restrictions between 1st July 2021 and 31st August 2021
  2. Event Space and attractions severely impacted by ongoing social distancing regulations
  3. Other businesses with >60% impact on Turnover as a direct result of ongoing restrictions since 1st of May and were unable to open indoors before the 17th May 2021
  4. A supply chain business that generates 60% or more of its sales revenue from businesses falling into categories a), b) and/or c)

And (applies to all):
Have experienced a severe impact through reduced turnover of 60% or more in July and August 2021 as compared to July and August 2019 caused directly by on-going COVID-19 restrictions.

Any future Covid 19 funding which may be available for specific groups or sectors will take into account funding awarded under this round of the Economic Resilience Fund. This may lead to an adjustment or deduction in any future schemes.

  • Local Authorities across Wales reopened applications for those businesses that are eligible WITH A TURNOVER OF LESS THAN £85K on the 26 July 2021. Please apply via the Business Wales Eligibilty Checker. This grant application will remain open until 9 August 2021. Read the Guidance Notes 
  • Applications for the ERF WITH A TURNOVER OF MORE THAN £85K are now closed 

Development Bank of  Wales 

Visit the website to find out more about finance options available for business in Wales 

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UK Government Financial Support: 

Coronavirus Job Retention Scheme: 

The Coronavirus Job Retention Scheme (CJRS) has been extended until the end of September 2021.

CJRS eligibility from May 2021

If you have employees who have previously been ineligible for the CJRS, as they were not on your payroll on 30 October 2020, they may be eligible for periods from 1 May 2021 onwards. 

For periods starting on or after 1 May 2021, you can claim for employees who were employed on 2 March 2021, as long as you have made a PAYE Real Time Information (RTI) submission to HMRC between 20 March 2020 and 2 March 2021, notifying a payment of earnings for that employee. You do not need to have previously claimed for an employee before the 2 March 2021 to claim for periods starting on or after 1 May 2021.

The UK Government will continue to pay 80% of employees’ usual wages for the hours not worked, up to a cap of £2,500 per month, up to the end of June 2021.

For periods in July, CJRS grants will cover 70% of employees’ usual wages for the hours not worked, up to a cap of £2,187.50. In August and September, this will then reduce to 60% of employees’ usual wages up to a cap of £1,875.

You will need to continue to pay your furloughed employees at least 80% of their usual wages for the hours they do not work during this time, up to a cap of £2,500 per month. This means, for periods between July and September, you will need to fund the difference between this and the CJRS grants yourself.

You can also top up wages above the 80% if you wish, but you are not required to do so.

You must continue to pay the associated Employer National Insurance contributions and pension contributions on subsidised furlough pay from your own funds.

Claims must be submitted by 11.59pm 14 calendar days after the month you’re claiming for. If this time falls on the weekend or a bank holiday then claims should be submitted on the next working day.

Claim for furlough days inClaim must be submitted by
November 2020 14 December 2020
December 2020 14 January 2021
January 2021 15 February 2021
February 2021 15 March 2021
March 2021 14 April 2021
April 2021 14 May 2021
May 2021 14 June 2021
June 2021 14 July 2021
July 2021 16 August 2021
August 2021 14 September 2021
September 2021 14 October 2021

(chart source: GOV.UK)

For further information visit GOV.UK.  

Self-Employed Income Support Scheme:  

The SEISS has now closed for claims on the 4th grant.

A fifth grant covering May 2021 to September 2021 will be open to claims from late July 2021. If you’re eligible based on your tax returns, HMRC will contact you in mid-July 2021 to give you a date that you can make your claim from.

The grant is taxable and will be paid out in a single instalment.

Guidance for claiming the grant will be available by the end of June 2021.

Further information is available at Self-Employment Income Support Scheme fifth grant - GOV.UK (www.gov.uk)

  • Who can claim
  • When you must have traded
  • Your tax returns
  • Deciding if you can claim
  • How the fifth grant is different
  • How much you’ll get

Further Financial Support: 

The UK Government has set out a package of measures to protect businesses through this period of disruption caused by COVID-19. Please visit:  

https://www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19#support-for-businesses-paying-tax

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. Please note that information on this page can change.

You can also subscribe for free to receive our e-mail updates.

You can also visit the Torfaen council website for additional information for businesses and the economy.

Page updated 2nd August 2021