Frequently Asked Questions

 

What grants are available to businesses affected by the Covid-19 crisis?

The Welsh Government have a support package for eligible businesses listed on the business rates register.

The new package includes a year-long business rates holiday for retail, leisure and hospitality businesses in Wales with a rateable value under £50,000. Eligible businesses will be automatically awared the business rates holiday as soon as possible and will recieve a new bill when the award has been made.

A grant of £25,000 will also be offered for businesses in these sectors with a rateable value of between £12,001 and £51,000.

The package also provides a £10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of £12,000 or less.

Find out the rateable value of your property here.

To apply for the Welsh Government Business Support complete this online form.

Once the application is approved and authorised it takes three days for the money to enter the ratepayer’s bank account. Bridgend County Borough Council have put in place additional BACS runs to enable the money to reach ratepayers quicker than the normal process.

We have applied for a Welsh Government grant but weren’t asked for a current bank statement, please advise?

In order for your application to be considered please provide a copy of you business’ bank statement showing your bank details. If you have already applied, please resubmit the application form quoting your Business Rates account number to taxation@bridgend.gov.uk.

What support is available for the self-employed during the Covid-19 crisis?

Details of the Coronavirus Self Employment Income Support Scheme are available on the UK Government website and the Business Wales website.

I do not qualify for a Welsh Government Business Support Grant, what other funding is available?

The Welsh Government has recently announced further information about the Economic Resilience Fund which supports firms of all sizes, including social enterprises, with a focus on those which have not already benefitted from other grants. The purpose of this fund is to support businesses and organisations with immediate cash flow support to help them through the economic consequences of the Covid-19 crisis:

•  grants of £10,000 for micro-businesses employing up to nine people. This includes sole traders (those who pay one or more employees via PAYE) which are not benefitting from the grants linked to business rate relief.
•  grants of up to £100,000 for small and medium sized firms with between 10 and 249 employees.
•  support for larger Welsh companies, which are of critical social or economic importance to Wales.

Full details on the eligibility criteria and application process can be found through the Business Wales Fund Checker.

Please note that a business cannot apply for the Economic Resilience Fund if they are eligible for a Welsh Government Business Rates Grant.

If a business is not eligible for a Welsh Government Business Grant through Bridgend County Borough Council or the Economic Resilience Fund, is there any way to check if other support is available?

The UK Government has launched a new ‘support finder’ tool which helps businesses and self-employed people across the UK to quickly and easily determine what financial support is available to them during the Covid-19 pandemic.

The finder tool requires business owners and self-employed people to fill out a simple questionnaire which will then direct them to a list of all the financial support they may be eligible for.

You can access the ‘support finder’ tool here.

Is there loan support available to businesses during the Covid-19 crisis?

A new temporary Coronavirus Business Interruption Loan Scheme, which covers a variety of different products such as loans, overdrafts, invoice finance and asset finance, has been launched by the British Business Bank. The scheme supports primarily small and medium sized business to access bank lending and overdrafts.

The Government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. Businesses and banks will not be charged for this guarantee and the scheme will support loans of up to £5 million in value. Businesses can also access the first 12 months of that fianance interest free, as the Government will cover the first 12 months of interest payments.

Further details can be found here.

The Coronavirus Bounce Back Loan Scheme is now open for applications.

Key details:

• Businesses can borrow between £2,000 and £50,000
• The Government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months
• Loan terms will be up to 6 years
• The Government will work with lenders to agree a low rate of interest for the remaining period of the loan
• The scheme will be delivered through a network of accredited lenders

Details on how to apply are available here.

Does the Development Bank of Wales offer any support for business affected by the Covid-19 crisis?

Yes, the Welsh Government and the Development Bank of Wales have announced the £100m Covid-19 Wales Business Loan Scheme to support businesses affected by the Covid-19 outbreak. The scheme is intended to provide support to businesses who are experiencing cash flow difficulties as a result of the pandemic.

The loan scheme will work alongside the UK wide Coronavirus Business Interruption Loan Scheme as well as other Welsh Government and UK Government support offers to provide more vital options for Welsh businesses. Loans of between £5,000 and £250,000 are available to businesses that have been trading longer than 2 years and can demonstrate that they were able to service that level of debt before the outbreak.

Details of the fund, elibility and application process can be found here.

Are there any online webinars to support small businesses during the Covid-19 crisis?

Yes, Business Wales have launched a brand new series of webinars providing advice to SMEs across the country affected by the Covid-19 outbreak – you can sign up here.

Is there any help online specifically for small businesses?

The Popup Business School have produced a ‘Survival Guide’ for small businesses.

The fishing industry has been hit especially hard as exports and domestic markets have shut, is there any funding available?

A new grant to support fishing businesses during the ongoing Covid-19 pandemic has been announced by the Welsh Government, more information about the application process is available here.

Is funding available for individuals and organisations within the arts and cultural community?

The Arts Council of Wales has announced an Arts Resilience Fund for artists and cultural organisations to support them through the Covid-19 crisis, more information can be found here.

How do I tell Bridgend County Borough Council about the impact Covid-19 is having on my business?

The council have developed an online Business Impact Form which can be submitted here (scroll to the bottom of the page).

What information is available from the Government in relation to employment and benefits support for individuals?

The Department for Work and Pensions have provided further information about the changes the Government has brought in to support people who are already claiming benefits, need to claim benefits, or are at risk of losing their job as a result of Coronavirus. Find out more here.

HMRC Tax credits customers will continue to recieve payments even if working fewer hours or furloughed due to COVID-19. Please find further details here.

Is there any way to develop new skills during the Covid-19 crisis?

Yes, there is free access to online training on the Government’s website. The Skills Toolkit is made up of free online courses, tools and resources to help improve digital and numeracy skills. Find out more here.

What measures are Bridgend CBC putting in place to assist businesses over the coming weeks as they prepare for further government announcements around reopening safely?

Bridgend County Borough Council are exploring the use of different measure which would help businesses develop start back packs safely, including the provision of online training around infection prevention and control. Find out more here.

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