This dashboard summarises the package announced by the Welsh Government and UK Government and provides lines to take specifically in relation to what Welsh businesses are able to access. It also provides information released from the Bank of England and high street banks regarding assistance.

Information about support for business is rapidly emerging. Business Wales are continually reviewing content on their website and we should be encouraging businesses to visit  https://businesswales.gov.wales/

Note that this is a rapidly evolving situation and both the support available and lines to take for businesses in Wales are subject to change. This note will thus need to be updated on a regular basis. Please check the date of last update in the footer of the document before using this information.

 

Welsh Government Support for Business https://businesswales.gov.wales/

 

Business Rates

  • The Welsh Government has announced a package of support worth more than £1.4bn for small businesses to help them during the coronavirus outbreak.
  • Retail, leisure and hospitality businesses with a rateable value of £51,000 or less  will receive 100% business rates relief for the financial year 2020/21.
  • For retail, leisure and hospitality businesses with a rateable value of between £12,001 and £51,000, a grant of £25,000 will be offered.
  • It also provides a £10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of £12,000 or less.
  • Businesses that qualify for this support will not need to do anything to apply for this scheme. This will be administered through the Business Rates system. You do not need to contact your Local Authority about this, you will receive information in due course.
  • The Welsh Government is exploring ways of supporting businesses who do not qualify for this scheme, details of this support will be added to the Business Wales website once confirmed.

 

Business Wales

  • The Business Wales Helpline is available to provide practical information and advice to any businesses experiencing issues because of coronavirus, such as supply chain delays or staffing matters.
  • Officials have been discussing how we can work with UK government colleagues to provide the most effective support to businesses and how we can share intelligence and information on the types of questions we are receiving. 
  • If any business is considering laying off staff or closing production lines, they should speak with a Business Wales advisor to explore whether there may be options to keep the business trading and retain staff. If this is not possible and redundancies have to be made, advice and guidance will be available to individuals affected through Careers Wales, Working Wales and Jobcentre Plus to help find people alternative employment.
  • Information for businesses is also available on website - https://businesswales.gov.wales/coronavirus-advice
  • For further support and business advice please contact Business Wales on 03000 6 03000.

 

Development Bank of Wales

  • The Development Bank of Wales has loan and equity funding available immediately to Welsh businesses. The Welsh Government is working closely with the Development Bank of Wales to consider additional support to help businesses through the Covid-19 impact. 
  • Development Bank of Wales will give a three-month capital and monitoring fee repayment holiday to the businesses it supports to help them manage the financial fallout from the virus. The Bank currently supports around 1,000 businesses and this will help them – some of our smallest SMEs ranging from small food retailers to the creative industries – get the vital help they need.
  • For further information please visit the Development Bank of Wales website or call 0800 587 4140.

 

UK Government Support for Business – UK Wide https://www.businesssupport.gov.uk/coronavirus-business-support/

What

Details

UK Gov Announcement

Lines to Take

Business Interruption Loan Scheme

 

The temporary Coronavirus Business Interruption Loan Scheme will support small and medium-sized businesses with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to six years.

UK Government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.

UK government will provide lenders with a guarantee of 80% on each loan (subject to pre-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The scheme will be delivered through commercial lenders, backed by the Government-owned British Business Bank.

There are 40 accredited lenders able to offer the scheme, including all the major banks.

Businesses are eligible for the scheme if:

- the business is UK based, with turnover of no more than £45 million per year

- your business meets the other British Business Bank eligibility criteria

 

How do I access it?

To apply, businesses should talk to their bank or one of the 40 accredited finance providers offering the scheme (and not the British Business Bank) as soon as possible to discuss your business plan with them.

Businesses can find out the latest on the best ways to contact them via their websites. Please note that branches may currently be shut down to enable social distancing.

The full rules of the Scheme and the list of accredited lenders is available on the British Business Bank website.

If businesses have an existing loan with monthly repayments you may want to ask for a repayment holiday to help with cash flow.

 

This will be available to businesses in Wales via one of the 40 accredited finance providers

 

The Development Bank of Wales has loan and equity funding available immediately to Welsh businesses. The Welsh Government is working closely with the Development Bank for Wales to consider additional support to help businesses through the Covid-19 impact.

 

Businesses that have existing finance via the Development Bank of Wales and are worried about re-payments should contact the Bank directly to discuss.

 

The scheme is now open for applications. All major banks are offering this scheme.

 

COVID-19 Corporate Financing Facility

Under the new Covid-19 The new Covid-19 Corporate Financing Facility (CCFF) means that the Bank of England will buy short-term debt from larger companies. This will support companies which are fundamentally strong, but have been affected by a short-term funding squeeze. It will also support corporate finance markets overall and ease the supply of credit to all firms. The scheme will be funded by central bank reserves – in line with other Bank of England market operations. It will operate for at least 12 months, and for as long as steps are needed to relieve cash flow pressures on firms that make a material contribution to the UK economy.

Companies – and their finance subsidiaries – that make a material contribution to the UK economy are able to participate in the facility. More information on eligibility can be found on the Bank of England Website.

In order to access the CCFF, you will need to contact your bank. It is important to note that not all banks issue commercial paper. If your bank does not issue commercial paper, UK Finance will provide a list of banks that are able to assist. More information can be found on the Bank of England website.

 

This is available to businesses in Wales.

Businesses should visit https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses for information on how to access the scheme here.

More information is available from the Bank of England.

This scheme is now available for applications.

 

Income Tax Deferral

If you are self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.

Eligibility - If you are self-employed, you are eligible.

This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period. HMRC have also scaled up their Time to Pay offer to all firms and individuals who are in temporary financial distress as a result of coronavirus and have outstanding tax liabilities.

Payments due on the 31 July 2020 will be deferred until the 31 January 2021.

 

 

This is available to self-employed people

Interest Rates

The Bank of England has cut its base rate to 0.1%

 

This is available to businesses in Wales

 

We welcome the latest cut in bank rate.  It should help further reduce borrowing costs.  The announcement that this cut was to be accompanied by a further round of quantitative easing on a large scale is probably more important and even more welcome.  It should help lower long term interest rates and improve liquidity in the markets.  We are sure the Bank stands ready to take further action if the situation warrants it.

 

Job Retention Scheme

Under the coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise described as ‘furloughed workers’.

HMRC will reimburse 80% of their wages, up to £2,500 per month. This is to safeguard workers from being made redundant. The Coronavirus Job Retention Scheme will cover the cost of wages backdated to March 1st and is initially open for 3 months, but will be extended if necessary.

 

Am I eligible?

All UK-wide employers with a PAYE scheme will be eligible – this includes the public sector, Local Authorities and charities.

 

How do I access it?

Businesses will need to:

1. Designate affected employees as ‘furloughed workers,’ and notify your employees of this change – changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation.

2. Once the new online portal is live, submit information to HMRC about the employees that have been furloughed and their earnings (HMRC will set out further details on the information required)

 When can I access it?

HMRC are working urgently to set up a system for reimbursement. We expect the first grants to be paid within weeks, and are aiming to get it done before the end of April.

 

This is available to businesses in Wales

Rented Housing Sector

 

£1bn of support for renters, by increasing the generosity of housing benefit and Universal Credit, so that the Local Housing Allowance will cover at least 30% of market rents in your area.

 

Self Employed

The Budget announced a temporary relaxation of the earnings rules (know as the Minimum Income Floor) for self-employed claimants who are sick or self-isolating according to Government guidance. This has already come into effect. On 20 February the Government extended this to all self employed claimants not just those directly impacted by the virus, ensuring those affected by the economic impact of the outbreak are supported.

If you are self-employed and you have coronavirus or are advised to self-isolate, you can now more easily make a claim for Universal Credit (UC) or new style Employment and Support Allowance. If you are eligible for new style Employment and Support Allowance, it will now be payable from day one of sickness, rather than day eight, if you have coronavirus or are advised to self-isolate.

The self-employed may also benefit from:

  • Mortgage support: following discussions with industry, for those in difficulty due to coronavirus, mortgage lenders will offer mortgage holidays of 3 months.
  • Loans forbearance: forbearance from lenders, where individuals are having difficulty paying back personal loans or credit.

 

Safety net for self-employed people too, by suspending the minimum income floor for everyone affected by the economic impacts of coronavirus.

That means every self-employed person can now access, in full, Universal Credit at a rate equivalent to Statutory Sick Pay for employees.

Also the next self-assessment payments will be deferred until January 2021.

This is available to self-employed people in Wales

Statutory Sick Pay Rebate

 

The Government will bring forward legislation to allow small and medium-sized businesses to reclaim Statutory Sick Pay (SSP) paid for staff sickness absence due to coronavirus. This refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of coronavirus.

 

Am I eligible?

You will be eligible if:

1. Your business is UK based AND

2. Your business is a small or medium sized and employs fewer than 250 employees as of 28 February 2020.

 

How do I access it?

A rebate scheme is being developed, further details will be provided in due course.

 

When can I access it?

UK Government will work with employers over the coming months to set up the repayment mechanism for employers as soon as possible. Existing systems are not designed to facilitate employer refunds for SSP.

 

This will be available to businesses in Wales.

 

The UK government intends to work with employers over the coming months to set up the repayment mechanism as soon as possible. Existing systems are not currently designed to facilitate employer refunds for SSP.

 

Businesses in Wales who would like to find out more about the SSP scheme should contact the HMRC’s dedicated Covid-19 helpline on 0800 0159 559 or monitor the HMRC website for further information.

 

 

Time to Pay

 

All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.

 

Am I eligible?

You will be eligible if:

1. Your business pays tax to the UK Government

2. Your business has outstanding tax liabilities

 

How do I access it?

If you’ve missed, or are worried about missing, your next tax payment due to coronavirus, please contact HMRC. You can also call the HMRC helpline for advice on 0800 0159 559.

For more information on late payments, check with HMRC

If you’re worried about a future payment, please call HMRC nearer the time.

 

This is available to businesses in Wales.

 

Businesses can contact HMRC’s new dedicated COVID-19 helpline from 11 March 2020 for advice and support. To ensure ongoing support, HMRC have made a further 2,000 experienced call handlers available to support firms and individuals when needed.

 

If you are concerned about being able to pay your tax due to COVID-19, then call HMRC’s dedicated helpline on 0800 0159 559.

 

Businesses can access this scheme immediately

Universal Credit standard allowance

 

Increasing for the next 12 months, by £1,000 a year. For the next twelve months, I’m increasing the Working Tax Credit basic element by the same amount as well. Will benefit over 4 million of our most vulnerable households.

 

If you are self-employed and want to know if you are eligible for Universal Credit, please visit the gov.uk Universal Credit page

 

VAT Deferral

 

UK Government will defer Valued Added Tax (VAT) payments for 3 months.

 

Am I eligible?

All VAT-registered UK businesses are eligible.

 

How do I access it?

This is an automatic offer with no applications required. UK Registered businesses will not need to make VAT payments normally due with VAT returns during this period. Taxpayers will be given until the end of the 2020-21 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.

 

When can I access it?

The deferral will apply from 20 March 2020 until 30 June 2020.

 

This is available to businesses in Wales

 

 

 

UK Government Support for Business – England Only https://www.businesssupport.gov.uk/coronavirus-business-support/

What

Details

UK Gov Announcement

Lines to Take

Business Rates Holiday for Retail, Hospitality and Leisure

Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020-21 tax year. Businesses that received the retail discount in the 2019-20 tax year will be rebilled by their local authority as soon as possible.

 

This is available for businesses in England only

 

                      

Cash Grant for Retail, Hospitality and Leisure

If your business is in the retail, hospitality or leisure sector, you will receive a cash grant of up to £25,000 per property.

Businesses in these sectors with a rateable value of under £15,000 will receive a grant of £10,000.

Businesses with a rateable value of between £15,001 and £51,000 will receive a grant of £25,000.

 

This is available for businesses in England only

 

Small Business Grant Funding

The Government is providing additional funding for Local Authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.

 Am I eligible?

You will be eligible if

1. Your business is based in England* AND

2. You are a small business and already receive SBRR and/or RRR AND

3. You are a business that occupies property

 

How do I access it?

You do not need to do anything. Your Local Authority will write to you if you are eligible for this grant.

 

When can I access it?

Local Authorities will write to all eligible businesses with information on how to claim this grant. Any enquiries on eligibility for, or provision of, the reliefs and grants should be directed to the relevant Local Authority. To find your Local Authority, use this search tool.

 

 

This is available to businesses in England only

 

 

 

 

 

 

Bank Support for Business

 

Barclays

For our business customers we are undertaking a number of actions:

  • Our network of relationship managers has been reaching out to SMEs and our corporate clients across the UK to see if they require additional support during this time and if we can assist with individual challenges such as working capital, liquidity, supply chains, and FX.
  • We are also working closely with Her Majesty's Treasury and the British Business Bank to launch the Coronavirus Business Interruption Loan Scheme.
  • We are offering 12-month capital repayment holidays on existing loans over £25k
  • We have launched a free helpline for SME customers offering guidance, support and information on Coronavirus.
  • We have increased or new overdraft facilities and other working capital solutions
  • We also have a £14 billion lending fund which we launched last year as part of a three year commitment to help SMEs build resilience during uncertain times
  • Barclays Ventures is providing the Eagle Labs, Rise and High Growth Business Bank communities (35k+ businesses) with specific ongoing support and programming throughout COVID-19.

 

HSBC

  • For our business customers we are undertaking a number of actions:
  • Our network of relationship managers has been reaching out to SMEs and our corporate clients across the UK to see if they require additional support during this time and if we can assist with individual challenges such as working capital, liquidity, supply chains, and FX
  • We are also working closely with Her Majesty's Treasury and the British Business Bank to launch the Coronavirus Business Interruption Loan Scheme.
  • We are offering 12-month capital repayment holidays on existing loans over £25k
  • We have launched a free helpline for SME customers offering guidance, support and information on Coronavirus.
  • We have increased or new overdraft facilities and other working capital solutions
  • We also have a £14 billion lending fund which we launched last year as part of a three year commitment to help SMEs build resilience during uncertain times
  • Barclays Ventures is providing the Eagle Labs, Rise and High Growth Business Bank communities (35k+ businesses) with specific ongoing support and programming throughout COVID-19.

 

Metrobank

  • In the 2020 Budget, the Chancellor announced a new Coronavirus Business Interruption Loan Scheme, which will offer financial support UK businesses during the coronavirus outbreak.
  • We are working closely with the British Business Bank to agree the details of the CBLS. We hope to have more information on how to apply in the near future – any updates will be posted on our website.
  • We’re committed to protecting our small business customers from the ongoing impacts of coronavirus. This includes:
  • Working closely with the British Business Bank to agree the details of the Coronavirus Business Interruption Loan Scheme (CBLS). We hope to have more information on how to apply in the near future – any updates will be posted on our website.
  • Arranging other methods of support that work alongside the CBLS. Once these have been confirmed, we’ll let you know by posting updates on our website.
  • We are supporting our small business customers in a number of ways. To begin with, please get in touch with your Relationship Manager. Or, you can call our specialist business team on 0345 08 08 508 between 8am and 6.30pm, Monday to Friday. Outside of these hours, call 0345 08 08 500.

 

Natwest

  • Natwest have produced a COVID-19 guide for businesses that outline practical steps businesses can take, including:
  • Business continuity plan (BCP)
  • Cash flow and working capital
  • Consider reducing exposure to exchange-rate fluctuations and simplify international payments
  • Global impact for customers: https://www.youtube.com/watch?v=-s4dxlabJK4&feature=youtu.be
  • Mentor advice line https://www.natwestmentor.co.uk/News/Coronavirus-Outbreak-Q-A/
  • Corona Virus Hub https://www.business.natwest.com/business/support-centre/service-status/coronavirus.html
  • If your business has been affected by coronavirus, our teams are here to support you.
  • Read our coronavirus guide for practical steps you can take to help your business, and how we can help.
  • That support may include: Loan repayment holidays, Interest rate reductions, Temporary emergency loans with no fees, Immediate access to deposit balances with no penalty
  • We’ve also announced £5bn of Working Capital Support for businesses that will see disruption as a result of COVID-19.
  • We have operational resilience plans in place that reflect guidance from Public Health Authorities. This will ensure we can continue to serve you.
  • If you are enquiring about the £330bn package announced by the Government on Tuesday 17th March, we are working with HM Treasury on the details of the scheme.
  • You can find more information about the Coronavirus Business Interruption Loan Scheme on the British Business Bank website. We will provide information on how to apply for funding soon.
  • Talk to your Relationship Manager
  • Call NatWest Business Banking on 0345 711 4477 (+44 870 511 4477 from overseas) or 18001 0345 711 4477 for Relay UK

 

Insurance

 

Association of British Insurers (ABI)

Irrespective of whether or not the Government orders closure of a business, the vast majority of firms won’t have purchased cover that will enable them to claim on their insurance to compensate for their business being closed by the Coronavirus.

Standard business interruption cover – the type the majority of businesses purchase - does not include forced closure by authorities as it is intended to respond to physical damage at the property which results in the business being unable to continue to trade

A small minority of typically larger firms might have purchased an extension to their cover for closure due to any infectious disease. In this instance an enforced closure could help them make the claim, but this will depend on the precise nature of the cover they have purchased so they should check with their insurer or broker to see if they are covered.