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 […]
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 – […]
Help for museums, libraries, archives and professionals affected by coronavirus: The Cultural Resilience Fund provides help with urgent short-term pressures to museumscollectionsself-employed conservation services, for example conservators and curatorsarchiveslibraries To apply, email CultureAndSport.Covid19@gov.wales with an outline of your requirements (no more than 200 words).
A number of queries has been received from businesses about the Health Protection (Coronavirus Restrictions) (Wales) (Amendment ) Regulations 2020 and the subsequent guidance that was issued, especially in relation to accepting bookings between now and 26 September. Further details is available on the link below: https://businesswales.gov.wales/tourism/covid-19-frequently-asked-questions?fbclid=IwAR0bvC3OtTAkAA3g03q7lMxExOWZTCPcAqLCKkRMcB_tvvP31sZiPsgfFKQ
Welsh Government has published revised guidance in relation to self-catering accommodation. In accordance with the new guidance, properties will not be eligible for grant unless the following criteria are met: • The self-catering accommodation can produce two years of trading accounts to 31 March 2019 • The self-catering accommodation must actually have been let for a period of 140 days or more in the financial year 2019-20 • The self-catering accommodation business must be the primary source of income for the owner (minimum threshold is 50%). Local authorities have full discretion to request and examine trading business accounts, booking lists and self-assessment tax returns submitted to HMRC for the financial […]
The new Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to £25m to firms with an annual turnover of between £45m and £500m.The Bank of England COVID-19 Corporate Financing Facility is designed to support liquidity among larger firms, helping them to bridge coronavirus disruption to their cash flows through the purchase of short-term debt in the form of commercial paper.