Coronavirus: Advice for Business

This page is updated regularly with the latest information on Coronavirus support available to businesses - 6th July 2020

 

Latest News

 

U.K Government announce a £1.57 billion investment support package to protect Britain’s world-class cultural, arts and heritage institutions. £157 billion investment to UK world class cultural art and heritage institutions

 

Economic Resilience Fund Phase 2 including the Start Up Grant

Applications opened Monday, 29th June at midday for the Welsh Governemnt Economic Resilience fund Phase 2 and the Start Up Grant Strand. 

Economic Resilience Fund Phase 2

 

Please go on to the Eligibility Checker to check whether you meet the criteria and if so to apply. 

 

Welsh Government announce grant support for Start Up businesses. The eligibility checker is available for new applications and will enable access to the remaining £100 million of the £300 million already approved and allocated to support micro businesses, small and medium enterprises and large businesses. This Phase 2 of the fund will operate in the same way as Phase 1 but with an update to the micro scheme. This will enable limited companies who are not VAT registered to access the fund, something which many small businesses have been calling for. 

 

Town Centre Businesses and Premises

On Friday, 19th June 2020 the Welsh Government announced that non-essential retail businesses and premises can re-open in Wales, from Monday 22nd June 2020.  

 

For advice and information on working in or running shops during the COVID-19 pandemic, please email Shared Regulatory Services: businessadvice-srswales@valeofglamorgan.gov.uk

 

The latest 'Keep Wales Safe - Retail Guidance' from Welsh Government can be found here: 

Retailers Coronavirus Guidance

 

In line with current social distancing guidance, further information will follow shortly on temporary changes to public spaces in the following shopping areas: Holton Road, Barry; High Street, Barry; Windsor Road/Glebe Street/Ludlow Lane, Penarth; High Street, Cowbridge; Boverton Road, Llantwit Major 

 

Job Retention Scheme

The government's Coronavirus Job Retention Scheme will remain open until the end of October

Chancellor extends Furlough Scheme until October

 

Self-Employment Income Support Scheme (SEISS) - check if you are eligible

From Monday, 4th May HM Revenue and Customs (HMRC) began contacting customers who may be eligible for the government's Self-Employment Income Support Scheme (SEISS).  Those who are eligible will be able to claim a taxable grant growth 80% of their average trading profits up to a maximum of £7,500 (equivalent to 3 three months' profits), paid in a single instalment.

 

£40m boost for cutting edge start-ups

On the 20 May 2020 UK government announced it is doubling investment in the Fast Start Competition with an additional £20 million. Innovative businesses and start-ups are set to benefit from a £40 million UK government investment to drive forward new technological advances. Among the successful projects to receive the funding to date is a virtual-reality surgical training simulator and an online farmers’ market platform.

 

Culture Resilience Fund Support for the culture sector

The fund includes support for freelance artists and creative practitioners, with

next round for applications open from Friday 29 May until Monday 15 June 2020.

 

Support for welsh food and drink manufacturers  

Food Innovation Wales, backed by Welsh Government, is based at three food centres across Wales. The team of industry experts can support manufacturers of all sizes to navigate their way through a range of complex technical and commercial issues.

To use the Food Innovation Wales COVID-19 tool kit, visit:

www.foodinnovation.wales/toolkit

 

Future Fund - open for applications from 20th May

The new Future Fund will support innovative UK companies with good potential that are essential in ensuring the UK retains its world leading position in science, innovation and technology. These companies typically rely on equity investment and are currently affected by Covid-19.

 

For more information on the Future Fund eligibility criteria and applications process:

 

Future Fund 

   

Bounce Back Loans Scheme

Major boost for Welsh SME's as New Bounce Back Loans Scheme opened for applications.

 

   

 

New Support Finder Tool

The UK Government have launched a new 'support finder' tool to help businesses and self-employed people across the UK to quickly and easily determine what financial support is available during the COVID-19 pandemic.  The finder tool asks business owners to fill out an online questionnaire, which can take minutes to complete, and directs you to a list of all the financial support you may be eligible for.

 

New Business Support Finder Tool

  

Support for Employees and Self-employed 

       

Access to Finance

Coronavirus Business Interruption Loan Scheme (CBILS) CBILS has been significantly expanded along with changes to the scheme's features and eligibility criteria.  The changes mean even more smaller businesses across the UK impacted by the coronavirus crisis can access the funding they need.

Development Bank of Wales: www.developmentbank.wales/coronavirus-support-welsh-businesses

 

Coronavirus Job Retention Scheme - latest news

Important to note that the HMRC portal to process the Coronavirus Job Retention Scheme (CJRS) will have the capacity to handle 450,000 claims an hour. 

 

Once claims have been submitted, payment for furloughed workers can be expected within 4 to 6 working days. 

 

Most importantly, companies will be able to claim furlough payments 14 days in advance of an employer's payroll run, thereby easing immediate cash flow pressures.  

 

We will keep this page updated with the latest information as these schemes are developed and made available.  Please see more authoritative sites and links below:

  

Follow @ValeEconomy for the latest information.

 

Coronavirus Grants for Vale of Glamorgan Businesses

 

In line with Welsh Government guidance the business support scheme for eligible rateable properties has now closed.  

 

As of 29th June the number of businesses in the Vale of Glamorgan that have been paid their business grants stands at 2,014 grants totalling £25,197,000.

 

Vale of Glamorgan Business Support

In this unprecedented economic crisis, the Vale of Glamorgan Council will be keeping businesses updated with the latest information on Coronavirus via this Coronavirus Business Support web page. It will be updated on a regular basis, if you would like to register your interest in receiving email updates regarding business support please enter your details:

 

  

 

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