debug

UK Government helps more than 57,000 businesses in Wales

Tuesday January 19th, 2021

Businesses in Wales benefited from more than £2 billion of UK government-backed loans to protect and support jobs.

Welsh Flag

More than 57,000 loans have supported businesses across all sectors, protecting jobs. But the retail and construction sectors have benefitted the most, demonstrating how government support helped those businesses that were impacted hardest by the pandemic.

Similarly, the self-employment income support scheme has benefitted business people across all sectors, with 97,000 people in Wales benefitting from SEISS, with an average claim of £2,400.

At the start of Winter, the Chancellor announced that more than a million businesses who took out a Bounce Back Loan will now receive further protection from the Covid crisis through flexible repayments, under the new Pay as You Grow system, which gives businesses more time to repay. Since then, the Government has extended the loans schemes until March, and given businesses the ability to ‘top-up’ their loans if they need to.

The Government has invested more than £280 billion throughout the pandemic to protect millions of jobs and businesses, including extending the self-employed and furlough schemes through to April to give businesses the certainty they need to plan over the coming months.

Secretary of State for Wales, Simon Hart, said:

The pandemic has created huge uncertainty for employees, the self-employed and business owners, but the support UK Government has provided has brought stability to thousands businesses across Wales.

Firms large and small in Wales have received more than £2 billion in UK government-backed loans to protect jobs and these businesses will help drive the economy as we look to build back stronger from the pandemic.

Leave a Reply

debug