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:

Economic Resilience Fund: Phase 3

Restrictions Business Fund: CLOSED  

The Welsh Government launched the Restrictions Business Fund to support businesses (principally in the hospitality, tourism, leisure and non-essential retail sectors) with cash flow support and to help them survive the economic consequences of the additional restrictions put in place to control the spread of Covid-19 starting on Friday 4th December 2020.

The fund consisted of two separate grants.

  • Restrictions Business Fund Non Domestic Rate Grant: Closed 31st March 2021
  • Restrictions Business Fund Grant (Discretionary):  Closed 12 noon 24th March 2021 

 

Cultural Recovery Fund: CLOSED  5pm 20th April 2021 

 

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

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)

CJRS eligibility from May

For periods from 1 May 2021 onwards, you will be able to claim for eligible employees who were employed by you and on your PAYE payroll on 2 March 2021. This means you must have made a PAYE Real Time Information (RTI) submission to HMRC between 20 March 2020 and 2 March 2021, notifying HMRC of earnings for that employee.

You and your employees do not need to have benefitted from the scheme before to make a claim, as long as you meet the eligibility criteria.

For further information visit GOV.UK.  

Self-Employed Income Support Scheme:  4th grant (February - April 2021)

At the Budget in March 2021 it was confirmed that the fourth SEISS grant will be set at 80% of 3 months’ average trading profits, paid out in a single instalment, capped at £7,500. The fourth grant will take into account 2019 to 2020 tax returns and will be open to those who became self-employed in tax year 2019 to 2020. The rest of the eligibility criteria remain unchanged.

Find out more about 

  • Who can claim
  • What the 4th grant covers
  • How to claim 
  • Further support (including 5th grant) 

Self-Employment Income Support Scheme fourth grant - GOV.UK (www.gov.uk)

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:

  • Bounce Back Loan scheme
  • 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

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 7th April 2021