Update: ERF Restrictions financial support grants for Torfaen businesses

On the 30 November the First Minister for Wales announced a £340m package of support directed primarily at the hospitality, tourism and related supply chain sectors.

The purpose of the fund is to support businesses into the new  year with cash flow support to help them survive the economic consequences of the restrictions put in place to control the spread of Covid-19 starting on Friday 4th December.

The fund consists of two separate grants: 

  1. ERF Restrictions Business Fund (via local authority)
  2. ERF Sector Specific Support (via Welsh Government/Business Wales)

 ERF Restrictions Business Fund:

The ERF Restrictions Business Fund will provide the following financial assistance:

ERF Restrictions Fund

  • Businesses in the hospitality sectors that are in receipt of Small Business rate relief (SBRR) and have a rateable value of £12,000 or less will be eligible for a £3,000 payment. Tourism, leisure, retail and supply chain business qualifying for SBRR will also be eligible for this support if they have greater than 40% reduction in turnover during the restriction period.
  • Hospitality businesses with a rateable value of between £12,001 and £51,000 being eligible for a £5,000 payment if they are forced to close. Tourism, leisure, retail and supply chain business in the same rateable value bracket will also be eligible for this support if they have greater than 40% reduction in turnover during the restriction period.

How to access the ERF Restrictions Fund:

Businesses must be on the non-domestic rates (NDR) rating list for their local authority on 1 September. 

Hospitality businesses who received the Lockdown Business Grant in October via their Local Authority and who fall into the above 2 categories will begin receiving automatic payments via the ERF Restriction Fund into their bank account during December. These businesses will not be required to re-register their details.

Further information will follow on how Hospitality businesses with a rateable value between £51,001 and £150,000 and other eligible businesses can apply to receive any of the ERF Restrictions Fund

 ERF Sector Specific Support:

The ERF Sector Specific Support (operating cost) package is targeted at Hospitality, Tourism and Leisure (HTL) businesses or supply chain companies who are materially impacted with a greater than 60% impact of turnover as a result of the restrictions.  

Eligible businesses will have to be employing staff via PAYE, and either VAT registered or (exempt from VAT) with turnover above £85,000, or limited companies with turnover above £50,000.

Businesses who have accessed the ERF Restrictions Business Fund can also apply for this fund. 

A triage tool will be available on the Business Wales website by Friday  11th of December for businesses to check their eligibility for the fund and the fund will open to applications on the week commencing the 11th of January.

 PLEASE NOTE: FURTHER INFORMATION & DETAILS TO FOLLOW SHORTLY

The above information is correct to the best of our knowledge at time of printing/publication and is subject to change

 

Posted on: Wednesday 9th December 2020