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:

  1. Support for businesses through the Coronavirus Business Interruption Loan Scheme 
  2. Support for businesses paying tax
  3. Support for SMEs who are paying sick pay to employees
  4. 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.

Welsh Government: Economic Resilience Fund:


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.

The UK Chancellor Rishi Sunak  set out details on Friday 29th May on how the Coronavirus Job Retention Scheme (CJRS) will continue to support jobs and business until October 2020.

Summary of key points:

  • June and July: The government will pay 80% of wages up to a cap of £2,500 as well as employer National Insurance (ER NICS) and pension contributions. Employers are not required to pay anything.
  • From 1 July 2020, businesses can bring previously furloughed employees back part time. A month earlier than previously announced, this means that firms can agree working arrangements e.g. hours, shift patterns  with returning employees and will be responsible for paying employee wages while in work.
  • Claims from July onwards will be restricted to employers currently using the scheme and previously furloughed employees. The scheme will close to new entrants on 30 June, with the last three-week furloughs before that point commencing on 10 June.
  • From August 2020, the level of government grant provided through the job retention scheme will be slowly tapered to reflect that people will be returning to work. Businesses will be asked to contribute a modest share, and individuals will continue to receive that 80% of salary covering the time they are unable to work.
  • August: The government will pay 80% of wages up to a cap of £2,500. Employers will pay ER NICs and pension contributions
  • September: The government will pay 70% of wages up to a cap of £2,187.50. Employers will pay ER NICs and pension contributions and 10% of wages to make up 80% total up to a cap of £2,500.
  • October: The government will pay 60% of wages up to a cap of £1,875. Employers will pay ER NICs and pension contributions and 20% of wages to make up 80% total up to a cap of £2,500.

Further details can be found at GOV.UK including a Factsheet.

Check if you can claim for your employees' wages through the Coronavirus Job Retention Scheme here.

The claim system now open as of 20th April 2020.

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 (second stage SEISS scheme open 17th August 2020)

UK Chancellor Rishi Sunak announced on Friday 29th May 2020 that the  UK wide Self-Employment Income Support Scheme (SEISS) will be extended - with those eligible able to claim a second and final grant in August 2020. 

Key points:

  • Individuals can continue to apply for the first SEISS grant until 13 July. Under the first grant, eligible individuals can claim a taxable grant worth 80% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £7,500 in total. Those eligible have the money paid into their bank account within six working days of completing a claim.
  • Applications for the second grant will open in August. Individuals will be able to claim a second taxable grant worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.
  • The eligibility criteria are the same for both grants, and individuals will need to confirm that their business has been adversely affected by coronavirus. An individual does not need to have claimed the first grant to receive the second grant: for example, they may only have been adversely affected by COVID-19 in this later phase.

Eligibility criteria

Self-employed individuals, including members of partnerships, are eligible if they:

  • submitted their Income Tax Self-Assessment tax return for the tax year 2018-19;
  • continued to trade in 2019-20 and intend to keep trading in 2020-21;
  • carry on a trade which has been adversely affected by COVID-19;
  • have average self-employed trading profits of no more than £50,000 and at least equal to their non-trading income.

Further information from GOV.UK about Support for Self Employed


Torfaen Start Up Grant - Now Fully Allocated (Closed)

This is a grant to provide financial assistance for newly created businesses that are facing operational and financial challenges as a result of the COVID-19 outbreak.

The purpose of the grant is to support newly created businesses with immediate cash flow support to help them survive the economic consequences of the Covid-19 outbreak. The grant seeks to complement other Covid-19 response measures to support businesses, social enterprises and charitable organisations in Wales.

The eligibility criteria for the grant is as follows:

  • Started trading between 1st April 2019 and 1st March 2020
  • Forecast annual turnover less than £50,000
  • Not in receipt of Self Employment Income Support, Non Domestic Rate Grant, Economic Resilience Fund
  • Businesses must be operating in Wales

 Businesses must have one or more of the following

  • HMRC Unique Taxpayer Reference (UTR) Number
  • VAT Registration Number or a VAT exemption certificate
  • Written correspondence confirming registration with HMRC

Business must also have experienced a drop in turnover greater than >50% as a result of the Covid-19 outbreak between April and June 2020 

Supported businesses must aim to maintain employment for 12 months

For further information on this grant please read the Start Up Grant Guidance Notes

The Eligibilty Checker for this grant can be found here.

Torfaen Economy & Enterprise Privacy Notice can be found at the bottom of this page

Business Rates Grant

Applications now closed as of 5pm 30th June 2020


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.

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