More than £500 million of support reaches Welsh businesses

Wednesday April 29th, 2020

Half a billion pounds of relief grants has reached 41,000 small businesses in Wales in the space of just a few weeks.grants

Minister for Economy, Transport and North Wales Ken Skates and Finance Minister Rebecca Evans yesterday, Tuesday April 28 2020, thanked local authorities throughout Wales for their hard work to swiftly process grant payments, ensuring small businesses receive speedy help to deal with the impact of the coronavirus (COVID-19) pandemic.

This impressive effort has seen £508 million move from government to businesses in the last month.

Retail, leisure and hospitality businesses in Wales occupying properties with a rateable value of between £12,001 and £51,000 have received a grant of £25,000.

And a £10,000 grant has been paid to firms, which are eligible for small business rates relief and have a rateable value of £12,000 or less.

All eligible businesses will also benefit from a year-long rates holiday.

Work to process outstanding applications is continuing and more companies are receiving emergency coronavirus (COVID-19) grants daily.

The £1.7 billion package of support from Welsh Government, which includes the Economic Resilience Fund, goes over and above what is available to businesses in England.

Economy, Transport and North Wales Minister Ken Skates said:

“It’s a testament to the hard of work of the Welsh Government and the incredible efforts of local authorities that half a billion pounds of vital grants has been distributed to Welsh business in such a short space of time.

This funding will be vital in helping firms in Wales deal with the impact of the coronavirus pandemic.

We have also recognised that firms need to be able to access financial support quickly, which is why, working with local authorities, we have made every effort to get this money into the bank accounts of businesses across Wales as quickly as possible.

We will continue to work hard to ensure the remaining applications are processed.

We have moved quickly to support our business community and while we have done much to support companies across Wales, we still need the UK Government to go further and provide the additional financial support Welsh firms need to protect jobs, get through this crisis and recover to pre-coronavirus levels of growth.”

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