Funding applications open for businesses hit by Covid restrictions

Businesses hit by Covid restrictions in Wales are now able to apply for emergency support funding.

The funding is part of the Welsh Government’s Economic Resilience Fund (ERF).

Before Alert Level Two restrictions came into force on Boxing Day, Wales’ Economy Minister Vaughan Gething announced £120m would be made available for retail, hospitality, leisure and tourism businesses, as well their supply chains.

Eligible businesses can apply for grants of between £2,500 to £25,000, with grants dependent on their size and number of employees.

The application window opened on Monday, January 17 and will be open for two weeks.

Mr Gething said: “Following positive engagement with businesses, trade unions and other partners, we recently changed the eligibility criteria for the ERF support.

“The ERF grant is a Wales-only top up payment that currently supports eligible businesses who have seen a 60% drop in their income between December and February compared with the same period two years ago.”

He added: “The new criteria means that businesses in these sectors who have seen a 50% reduction in their turnover will now also be able to access the ERF.

“This means more businesses will receive more support from the Welsh Government.”

Meanwhile, non-essential retail, hospitality and leisure and tourism businesses in Wales can also receive support from the Welsh Government’s Non-Domestic Rates grant, which is being administered by local authorities.

Businesses will be entitled to a payment of £2,000, £4,000 or £6,000 depending on their rateable value.

Local authorities are also administering a discretionary fund for sole traders, freelancers, taxi drivers and businesses that employ people but do not pay business rates. Last week this was doubled to £1,000.

According to the Welsh Government, it has provided more than £2.5bn in funding to businesses since the start of the pandemic, which has helped to protect 160,000 jobs.

The application process for the Economic Resilience Fund can be found online at businesswales.gov.wales/coronavirus-advice/