We have received the following information on the Covid-19 business support economic resilience fund eligibility checker from James Richards, Research and Communications Officer for Lesley Griffiths, Member of the Senedd for Wrexham.
The full application process will open at the end of the month to ensure businesses have time to prepare. More information is available here and a link to the eligibility checker is here.
Qualifying Criteria
Firstly, Microbusinesses will be eligible for up to £10,000 of support from this phase of the fund:
- Demonstrate you have made efforts to sustain business activities;
- no funding support was agreed under phase one of the ERF or from the business-rate-relief scheme;
- provide confirmation that funding from any other Welsh Government non-repayable grant-funding sources is not being pursued;
- you have experienced a reduction in turnover in excess of 40% since 1 March 2020;
- sole traders will need to be VAT and PAYE registered, as under phase one;
- you are not eligible for a non-domestic business rate grant; and
- you are operating and/or employing in Wales.
For limited companies, the criteria will be expanded where two of the following are satisfied:
- you have VAT;
- you have PAYE;
- your annual turnover exceeds £50k.
SMEs will be eligible for up to £100,000 of support from this phase of the fund:
- Provide confirmation that funding from any other Welsh Government non-repayable grant-funding sources is not being pursued;
- Experienced a reduction in turnover in excess of 60% since 1 March 2020;
- you are not eligible for the business-rate relief scheme or, if you are, the amount will be deducted from the allocation made from this fund;
- you did not receive phase-one ERF support – non-domestic rate-relief support will be deducted;
- Operating and employing in Wales;
- you have a sustainable business plan to exist beyond the coronavirus pandemic;
- Unable to access funding from a bank, including the DBW and the British Business Bank;
- As long as the Coronavirus Job-Retention Scheme is in place, no future compulsory redundancies can be made.
Moreover, Large businesses will be eligible for up to £690,000 in compliance with temporary state rules to be matched by at least the same level of support from other sources:
- A reduction in turnover in excess of 60% since 1 March 2020 or a 60% reduction in turnover is forecast between the time of application and the end of the project;
- Not eligible for the business-rate relief scheme or, if you are, the amount will be deducted from the allocation made from this fund;
- you are operating and employing at least 40 people in Wales;
- you have a sustainable business plan to exist beyond the coronavirus pandemic;
- Unable to access funding from a bank, including the DBW and the British Business Bank;
- An undertaking is in place that for as long as the Coronavirus Job-Retention Scheme is in place, no future compulsory redundancies will be made;
- Finally, you agree to match the fund support.
We will keep you updated as soon as we receive further information.
Email James Richards here or call him on 01978 355 743.
Lesley Griffiths’ website is at www.lesleygriffiths.co.uk. You can also reach her on Facebook at @lesley4wrexham or on Twitter at @lesley4wrexham
