Additional £30 million funding is now available for businesses in the Hospitality, Leisure and Tourism sectors and their related supply chains.
The Welsh Government has announced last week that a further £30 million of financial support will be available to eligible small, medium and large businesses in the hospitality, leisure, tourism sectors and related supply chain businesses via a second phase of the Economic Resilience Fund – Sector-Specific Fund.
Please click here for a related article we published a week ago.
Application Closing Dates
Applications opened at 10am on Tuesday, 9th March 2021 and are due to close at 8pm on Friday 12 March 2021.
The financial support targets businesses in the aforementioned sectors (hospitality, tourism and leisure together with associated supply chain businesses). Qualifying companies must have 10 or more staff and an annual turnover of at least £50,000. They must have had a greater than 60% impact of turnover due to ongoing alert level 4 restrictions between 25 January 2021 and 31 March 2021.
If you have received a grant via the Welsh Government’s Culture Recovery Fund (CRF) to support costs through to 31st March 2021, you are not eligible to apply for this fund.
Please click here to access the eligibility checker and application form:
Additional Non Domestic Rates Grant May Be Available
The Welsh Government confirmed last week that, pending the outcome of the next Coronavirus review on 12th March, a further £150 million in grants could be available to firms across Wales, through the Welsh Government’s Non-Domestic Rates (NDR) scheme, if coronavirus restrictions are extended. This would see businesses in the hospitality, tourism, leisure and non-essential retail sectors that pay non-domestic rates receiving an additional payment of up to £5,000. There will be an update to confirm whether an additional NDR grant will be available as soon as possible.
Business Rates Holiday Extended
Retail, leisure and hospitality businesses with a rateable value of up to £500,000 will not have to pay any business rates for a further 12 months. This relief package will ensure that more than 70,000 businesses will continue to pay no rates at all in 2021-22. This is in combination with the small business rates relief scheme. You can find further information via this link.
UK Government Budget 2021
Some of the key points from the UK Governments Spring Budget include:
- Extending the Coronavirus Job Support Scheme to September 2021 across the UK.
- Prolonging the UK-wide Self Employment Income Support scheme to September 2021. This will be with 600,000 more people who filed a tax return in 2019-20 now able to claim for the first time.
- A new UK-wide Recovery Loan Scheme that will provide loans between £25,001 and £10 million. Asset and invoice finance between £1,000 and £10 million will help businesses of all sizes through the next recovery stage.
- A six-month extension of the £20 per week Universal Credit uplift in Great Britain. A one-off payment of £500 to eligible Working Tax Credit claimants across the UK.
- Elongating the VAT cut to 5% for hospitality, accommodation and attractions across the UK until the end of September. This will precede a 12.5% rate for a further six months until 31 March 2022.
- More than doubling the legal limit for single contactless payments, from £45 to £100.
- Small and medium-sized employers in the UK will continue to be able to reclaim up to two weeks of eligible Statutory Sick Pay (SSP) costs per employee from the Government.
- £100 million for a new Taxpayer Protection Taskforce to crack-down on Covid fraudsters who have exploited UK Government support schemes.
You can find further information via this link.
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