Minister outlines support for Welsh Businesses hit by "firebreaker" lockdown
Ken Skates told a briefing the two-week shut down should give businesses a clear run till Christmas
Last updated 20th Oct 2020
As Wales heads towards a two-week “fire-breaker” lockdown which starts this Friday (23rd October) the Welsh Economy Minister Ken Skates has been outlining funding available to businesses which could be hit.
Mr Skates also said the aim of what the Welsh Government is dubbing a “short, sharp shock” lockdown is to give businesses a clear run to Christmas.
https://twitter.com/WelshGovernment/status/1318511230923939840?s=20
And he said they were making nearly £300m available to support businesses that continue to be affected by Covid-19 under the third phase of the Welsh Government’s Economic Resilience Fund.
The “firebreak” will run from this Friday evening until Monday 9 November and will require a range of businesses to temporarily close their doors or reduce their operations.
The Economic Resilience Fund, which complements support schemes available from the UK Government, is part of the Welsh Government’s £1.7bn plus support package for businesses to help deal with the economic impacts of Coronvirus.
“As a Welsh Government we are having to make important decisions to help slow the spread of coronavirus and protect both the stability of our NHS and the health of our people. However we absolutely recognise that these decisions do have a knock on effect on our economy and our businesses during what has already been an incredibly difficult year for them.
“We’ve been speaking at length and in depth with our business partners about the ongoing impact of coronavirus and the effect of the restrictions we are having to implement to slow its spread.
“One of the messages we have received loud and clear is that businesses want certainty so that they can plan and prepare, and that they need a clear package of support to help them through this difficult time.
“This enhanced package of support, which will see us doubling the third phase of our Economic Resilience Fund and quickly getting money out to our businesses to support them through this firebreak and beyond, is designed to provide just that.”
The fund includes:
• Payments of £1,000 for businesses that are eligible for Small Business Rates relief and occupy a property with a rateable value of £12,000 or less.
• Payments of up to £5,000 for retail, hospitality and leisure businesses that are required to close and which occupy a property with a rateable value of between £12,001 and £50,000.
• A discretionary £2,000 top-up grant for businesses closed or materially affected by the firebreak lockdown.
• A further discretionary £1,000 grant for businesses that were materially affected by local lockdown measures for 21 days or more prior to the start of the firebreak.
Ken Skates said the First Minister had written to the UK Government to ask if they could bring forward the start date of the UK Government’s furlough scheme to coincide with the start of the Welsh lockdown to avoid businesses having to apply for two different schemes.
£20 million will also go towards Business Grants meaning £100m will be available for this purpose. Previously, companies were required to provide a percentage of the funding to access these grants, but the Welsh Government has now confirmed it will provide 100% funding for businesses forced to close during the firebreak.
More information, which will be regularly updated during this week, can be found at: https://businesswales.gov.wales/coronavirus-advice