Businesses in Neath Port Talbot are being urged to check if they are eligible for Welsh Government’s new Economic Resilience Fund.
The Fund will release £200m of funding to support firms of all sizes, including social enterprises, with a focus on those which have not already benefited from the coronavirus grants already announced by Welsh Government.
The Fund is a grant to provide financial assistance for eligible businesses and organisations who are facing operational and financial challenges as a result of the coronavirus outbreak.
To be eligible, businesses must meet the following criteria:
Micro Business Criteria – Grants up to £10,000
• Employing up to 9 people
• Have experienced in excess of a 40% reduction in turnover since 1 March 2020
• Can demonstrate that efforts have been made to sustain business activity
• Are not pursuing other forms of Welsh Government non-repayable grant funding support
• Are not entitled to business rate relief
• VAT registered or exempt from VAT
• Pay staff through the PAYE system
• Operating address is in Wales and have employees in Wales
Small and medium sized firms – Grants up to £100,000
• Employ between 10 and 249 employees
• Have experienced in excess of a 60% reduction in turnover since the 1 March 2020
• Are not eligible for covid-19 business rate relief, or if it is, that amount would be deducted from their allocation from this fund
• Have a sustainable business plan to trade beyond the Covid-19 pandemic
• Confirm no future compulsory redundancies will be made while the Coronavirus Job Retention Scheme is in place
• Are not pursuing any other form of Welsh Government non-repayable grant funding support
• Operating address in Wales and have employees in Wales
• Pay staff through the PAYE system
• Inability to access funding needed from a bank (including DBW and the British Business Bank) is demonstrated
Larger sized firms - Unspecified amount
• Funding will be available to support large businesses employing 250 or more people and will be considered on a case by case basis
Businesses can check if they are eligible for the Fund by completing the online eligibility criteria on the Business Wales website: https://fundchecker.businesswales.gov.wales/
If you are unable to complete the eligibility checker online, call the Welsh Government helpline on 03000 603 000.
The application process for businesses that are eligible for the Economic Resilience Fund will open on Friday 17th April 2020 on the Business Wales website, and will be allocated on a ‘first come, first served’ basis.
For all the latest information on what support is available to businesses from Welsh Government, visit their dedicated coronavirus webpage: https://businesswales.gov.wales/coronavirus-advice/ More stories