- March 18, 2020
- Posted by: Vikki Howells MS
- Category: Latest News
The Welsh Labour Government has today announced a package of support worth more than £200m for small businesses to help them during the coronavirus outbreak.
Retail, leisure and hospitality businesses in Cynon Valley with a rateable value of £51,000 or less will receive 100% business rate relief and pubs with a rateable value of between £51,000 and £100,000 will receive a £5,000 reduction on their bill.
A further £100m will be available for a new grant scheme for small businesses Further details on this new grant scheme will be confirmed as soon as possible.
Welcoming this announcement, local AM Vikki Howells said:
“I’m pleased that the Welsh Labour Government is offering this package of support to businesses as part of their response to the Coronavirus outbreak.
“They are doing everything they can to support businesses to deal with the impact of coronavirus. My advice to all businesses is to use the help and advice that is available.
“Any business affected should contact the Business Wales telephone helpline on 03000 603000. They can help with practical advice – from staffing to financial planning as well as supply chain support.
“The Development Bank of Wales is also available to help – it has equity and loan funding it can make available immediately to small businesses to help them through the cash flow and other challenges they may face in next, difficult, few weeks and months. The Development Bank of Wales can be contacted on 0800 5874140.”
Finance Minister Rebecca Evans AM said:
“We are allocating every penny of the funding we will be receiving as a consequence of the schemes the UK Government announced in England last week to support businesses in Wales.
“But I know that helping businesses with their rates bills will not be enough to protect them from the severe drop in custom many are experiencing as coronavirus cases increase.
“We will be calling on the UK Government to act quickly and decisively to provide a very significant support package for vulnerable businesses and their employees.”
- The enhancements to Non-Domestic Rate Relief in Wales will receive approximately £105 million in addition to the Welsh Government’s existing High Street and Retail Rates Relief and Small Business Rates Relief schemes.
- In addition a fund of at least £105 million has been allocated to support small businesses which are not eligible for the enhanced scheme, for example businesses which already pay no Non-Domestic Rates
- This announcement follows confirmation yesterday by the UK Government of the consequential funding for Wales from the business support schemes for England announced last week. This consequential is based on population rather than need.
- With many businesses in the retail, leisure and hospitality industries facing many months of severely depressed trade, the Welsh Government has also suggested a range of tax and employment-related initiatives which the UK Government could take to prevent business bankruptcies.