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
- 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
Further guidance and information on how to apply to follow week commencing 29th June 2020.
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Posted on: Thursday 25th June 2020