Business leaders in North Wales are calling for a new £3 million hardship fund to be set up provide urgent help for companies who don’t qualify for any of the emergency Covid-19 support. The plea has come from the North Wales and Mersey Dee Business Council, the umbrella body for the private sector in the region, who say many firms are falling through the cracks and are on the verge of going bust. Read the full press release here: https://businessnewswales.com/business-leaders-in-north-wales-call-for-3m-sme-hardship-fund/
Guidance on Communications with your Customers https://businesswales.gov.wales/tourism/sites/tourism/files/documents/C-19_Industry_Support_Document_WG40605_EN.pdf https://businesswales.gov.wales/tourism/sites/tourism/files/documents/C-19_Industry_Support_Document_WG40605_CY.pdf
FCA (Financial Conduct Authority) seeks legal clarity on business interruption insurance alongside package of measures to help consumers and small businesses. This a very welcome move by the FCA for those disputing their Business Interruption cover. https://www.fca.org.uk/news/press-releases/fca-seeks-legal-clarity-business-interruption-insurance
You may already be aware, but just in case……please see below details of 2 webinars from the UK Govt Department of Business Energy and Industrial Strategy (BEIS). These are free of charge and questions are welcome in advance. They will incorporate advice on additional support available in Wales. Webinar: Financial support for small businesses during coronavirus (COVID-19) Register to join a free webinar hosted by the Department for Business, Energy and Industrial Strategy at 11am on Tuesday 5 May to find out how small business can access the coronavirus business support measures that have been made available to UK businesses. The webinar will cover: Eligibility for small […]
The Future Fund will provide UK government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. These convertible loans may be a suitable option for businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme. The scheme will be delivered in partnership with the British Business Bank. The scheme will launch in May 2020. https://businesswales.gov.wales/news-and-blogs/news/apply-coronavirus-future-fund
The Association of British Insurers (ABI) members has provided the following guidance on the common questions relating to insurance and other business issues which includes: How does business insurance work?What is business interruption insurance?How do businesses purchase business interruption cover?What do business interruption policies generally cover?Does standard business interruption insurance provide cover for businesses who are not able to operate due to the effects of COVID-19?Does a ‘notifiable disease’ extension to business interruption cover my business for COVID-19?Are there any other extensions to business interruption that may provide cover? https://businesswales.gov.wales/news-and-blogs/news/business-insurance-guidance-covid-19
On Monday 27 April Rishi Sunak announced the new Bounce Back Loan Scheme. Small businesses will benefit from the new fast-track finance scheme, providing loans with a 100% government-backed guarantee for lenders. If you are a smaller company who struggled to get a CBILS loan then this could be for you. For details of the announcement click on following links: https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans Major Boost for Welsh SMEs as New Bounce Back Loans Announced Covid19 Bounce Back Loan Scheme– businesses will be able to borrow between £2,000 and £50,000– cash should be made available within days– loans will be interest free for the first 12 months– businesses can apply online through a […]
Below is a copy of a letter written by David Jones MP to First Minister Mark Drakeford, AM regarding Business Rates for Self Catering Accommodation Rt Hon Mark Drakeford AMFirst MinisterWelsh Government 23 April 2020 Dear Mark, Covid-19 Grants for Businesses in Wales linked to Non-Domestic Rates: Self-catering Accommodation I note that, on 20 April, 2020, the Welsh Government issued guidance to local authorities on the administration of the grant scheme applicable to non-domestic properties in Wales. This follows the announcement by the Chancellor on 17 March, 2020, creating the support package. The guidance notes that a grant of £10,000 is available to all businesses eligible for small business rates […]
http://www.pactnorthwales.co.uk/2020/04/24/funding-newsletter-april-2020/
First Minister Mark Drakeford has published a framework and seven key questions to help lead Wales out of the coronavirus pandemic. The framework will help to determine when the strict stay-at-home restrictions can begin to be relaxed in Wales and will help to find a way for people in Wales to live and work alongside coronavirus. A Wales-wide programme of surveillance, case identification, and contract tracing is being developed through the office of the Chief Medical Officer, Dr Frank Atherton. This will highlight the importance of community testing and support the containment of emerging coronavirus infections as and when restrictions are eased. The framework – and the seven questions – […]