Coronavirus: Businesses in Wales offered rate relief
Business, News | Richard Gurner | Published: 09:00, Tuesday March 17th, 2020.
Last updated: 10:19, Monday March 23rd, 2020
Businesses in Wales are to be offered rate relief as part of a £200 million support package to help them during the coronavirus outbreak.
Shops, leisure and hospitality businesses with a rateable value of £51,000 or less will receive 100% business rate relief and pubs with a rateable value of between £51,000 and £100,000 will receive a £5,000 reduction on their bill.
A further £100m will be available for a new grant scheme for small businesses which are not eligible for this new business rate relief. Further details on this new grant scheme will be confirmed as soon as possible.
Announcing the decision, Finance Minister Rebecca Evans said: “We are allocating every penny of the funding we will be receiving as a consequence of the schemes the UK Government announced in England last week to support businesses in Wales.
“But I know that helping businesses with their rates bills will not be enough to protect them from the severe drop in custom many are experiencing as coronavirus cases increase.
“We will be calling on the UK Government to act quickly and decisively to provide a very significant support package for vulnerable businesses and their employees.”
Economy Minister Ken Skates has also announced the Development Bank of Wales will be offering all its business customers a three-month capital repayment holiday to help them manage the financial fallout from the virus.
Meanwhile, Caerphilly AM Hefin David said he was pleased with the package offered by Welsh Government.
Dr David said: “They are doing everything they can to support businesses to deal with the impact of coronavirus. My advice to all businesses is to use the help and advice that is available.
“Any business affected should contact the Business Wales telephone helpline on 03000 603000. They can help with practical advice – from staffing to financial planning as well as supply chain support.
“The Development Bank of Wales is also available to help – it has equity and loan funding it can make available immediately to small businesses to help them through the cash flow and other challenges they may face in next, difficult, few weeks and months. The Development Bank of Wales can be contacted on 0800 5874140.”