Financial Support for Business (COVID-19)
This page will be updated regularly with the latest information on support available to businesses impacted by Coronavirus.
Economic Resilience Fund: Phase 3
- Lockdown Business Fund : Applications closed as of 5pm November 20th 2020
- Business Development Grant : Currently suspended due to high demand
Businesses across Wales can find out if they can apply for funding from the third phase of the Economic Resilience Fund (ERF) Business Development Grant .
The eligibility checker will enable businesses to see if they can access the £80 million tranche of the fund which will support firms with projects that can help them transition to the economy of tomorrow.
Of this, £20 million will be ring fenced to support tourism and hospitality businesses who are facing particular challenges as they enter the winter months.
The £80 million worth of business development grants will be open to micro businesses, SMEs and large businesses:
- micro businesses (employing between 1 and 9 people) will be able to apply for up to £10,000 on the condition they match this with their own investment of at least 10 per cent
- SMEs (employing between 10 and 249 people) will be able to apply for up to £150,000 on the condition they match this with their own investment of at least 10% for small business (1-49 staff) and 20% for medium sized (50-249) business
- large businesses (employing 250+ people) will be able to apply for up to £200,000 on the condition they match this with their own investment of at least 50%
The grant fund will be open for applications from the week commencing 26 October 2020 and remain open for four weeks.
- Wales Cultural Recovery Fund: Freelancer Support Phase 3 now open for applications
The Phase 3 of the Freelancer Fund opened for applications at 10am on Monday 23 November 2020.
Please go to:
The fund will support freelancers who work in the following sectors:
- The Arts
- Arts and Heritage Events
- Non Sport related events that have been significantly impacted by the pandemic
- Creative Industries
- Culture and Heritage
In this phase we will also look to support freelancers who work in events that have been significantly impacted by the pandemic, including those working in weddings and corporate events, but not sport events.
You will need to tell us:
- what you do, the range and type of your work.
- how COVID-19 has affected your freelance income due to the cancellation of existing and future work.
You will need to provide:
- A CV (or a detailed LinkedIn account)
- A recent bank statement Unique Tax Reference (UTR) Number (if available) or if you work under PAYE deducted contracts, other evidence such as p60 or proof of employment on short term contracts
- Proof of identification
- Proof of address
- Proof of some work between April 2019 - July 2020 and/or proof of work cancelled between April 2020 - March 2021
There will be a voluntary freelancer pledge that you may wish to sign up to.
If you have recently received funding from the Start Up Grant launched in June to help new businesses survive the economic consequences of coronavirus (COVID-19) you will be ineligible for this grant.
We want to target those that have received little or no support to date. This funding is specifically for sub-sectors and roles that have been forced to cease work and/or face difficulty restarting because of the impact of Covid-19 restrictions. Those in roles that have been able to continue at previous or near previous levels of activity (e.g. architects, graphic designers, games designers etc.) with or without support should not apply.
This Fund will not support freelancers working in the sport sector.
For further guidance please read the Freelancer Grant full guidance document.
Business Wales Barriers Grant
The Welsh Government is putting put in place a programme of employment and skills support to help people back to work as part of it's COVID 19 commitment
Part of this programme includes additional support for individuals considering self-employment. In addition to the existing start-up service, a grant to support unemployed individuals that face greater economic barriers to starting a business is being made available. This discretionary grant will help up to 600 individuals become self-employed or start a business, between December 2020 and March 2021.
The grant will be open to all unemployed individuals, however priority in allocating funding will be given to those most affected by the Covid-19 outbreak:
- Disabled people
- People from BAME backgrounds
- Young people not in education or training (NEETS) aged 18-24 or a College and University leaver in 2019 or 2020
Individuals will be able to apply for up to £2,000 to contribute towards the essential costs of starting a business.
The grant will be managed through the Business Wales service.
The fund will open for applications on 1 December 2020.
For further information please visit the Business Wales Barriers Grant pages.
Torfaen Start Up Grant:
Now Fully Allocated (Closed)
Business Rates Grant:
Applications closed as of 5pm 30th June 2020
Development Bank of Wales
Visit the website to find out more about finance options available for business in Wales
UK Government Financial Support:
Coronavirus Job Retention Scheme: Extended until March 2021
Following the recent UK Government announcement that the CJRS would be extended until 2 December, the scheme has now been extended until the end of March 2021.
- Eligible employees will receive 80% of their usual salary for hours not worked, up to a maximum of £2,500 per month.
- Businesses will have flexibility to use the scheme for employees for any amount of time and shift pattern, including furloughing them full-time.
- There will be NO employer contribution to wages for hours not worked. Employers will only be asked to cover National Insurance and Employer pension contributions for hours not worked. This applies to periods running to January 2021. The policy will be reviewed in January in light of economic circumstances
- Employers do not need to have had the CJRS previously and employers across the UK can claim whether businesses are open or closed
30 November 2020 is the last day employers can submit or change claims for periods ending on or before 31 October 2020.
Claims from 1 November 2020 must be submitted by 11.59pm 14 calendar days after the month you’re claiming for. If this time falls on the weekend then claims should be submitted on the next working day.
|Claim for furlough days in||Claim must be submitted by|
||14 December 2020
||14 January 2021
||15 February 2021
||15 March 2021
||14 April 2021
- The Job Retention Bonus (JRB) will not be paid in February 2021 and a retention incentive will be deployed at the appropriate time.
Please ensure you read fuller information and more scheme details via the link below which sets out for example details around:
- Core employability criteria
- Employees not claimed for previously under CJRS
- Employees re-employed by their employer
- When employees are on furlough
- Other conditions of claiming CJRS
- Making a claim
Job Support Scheme: Postponed
Self-Employed Income Support Scheme: Grant extension
The grant is being extended from 1 November 2020
To be eligible for the Grant Extension self-employed individuals, including members of partnerships, must:
- have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
- declare that they intend to continue to trade and either:
- are currently actively trading but are impacted by reduced demand due to coronavirus
- were previously trading but are temporarily unable to do so due to coronavirus
What the Grant Extension covers
The extension will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.
The third grant will cover a 3 month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. This is an increase from the previously announced amount of 55%.
The fourth grant will cover a three-month period from 1 February 2021 until 30 April 2021. The Government will review the level of the second grant and set this in due course.
The grants are taxable income and also subject to National Insurance contributions.
The Self-Employment Income Support Scheme Grant Extension opens for applications from 30th November 2020. Further information to follow
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. 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
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 23rd November 2020