The Welsh Government has announced a package of support worth more than £200m for small businesses to help them during the coronavirus outbreak.
Retail, 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 Further details on this new grant scheme will be confirmed as soon as possible.
Announcing the decision, Finance Minister Rebecca Evans said:
I’m pleased we can offer this package of support to businesses as part of our response to the coronavirus outbreak. 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.
Minister for Economy, Transport, Ken Skates said:
We are facing unprecedented pressures on our economy with the potentially devastating effects of coronavirus. We will do everything we can to help businesses to deal with the impact of this virus.
The First Minister has written to the Chancellor today to urge the UK Government to introduce a much more extensive package of measures to support the economy through this unprecedented crisis.
Our Business Wales service and the Development Bank of Wales stand ready to support you, through a variety of ways, from financial and supply chain planning to advice on staffing issues.
If you are currently experiencing issues or have any concerns, I encourage you to contact the Business Wales helpline on 03000 6 03000 in the first instance, for practical information and advice or signposting to relevant agencies and organisations.
