More than £35m has now been distributed to Cardiff businesses in grant aid by Cardiff Council as part of the on-going COVID-19 rescue package.
Since the £1.4bn financial rescue package was announced the council has processed 2,590 applications on behalf of Welsh Government.
Applications are continuing to flood in and the authority is assessing them as quickly as possible to ensure that vital funds can be distributed to eligible businesses that are in need of assistance.
Cardiff Council's Cabinet Member for Finance, Modernisation and Performance, Cllr Chris Weaver, said:
“The team are working full throttle to get the aid packages sorted and paid as quickly as possible. The turnaround speaks for itself, but our message to businesses that have applied is – please be patient.
“Straightforward applications, which do not require further information or clarification are being processed and paid in two to three days. However, there are other claims which we may have queries on which will take much longer. It's vitally important the system isn't abused and checks are made when they need to be made. Please bear with us, we know this can be a frustrating time for people but we are doing our best to get through the mountain of applications.”
The distribution of this grant aid follows the announcement from Welsh Government that all retail, leisure and hospitality businesses with a rateable value of £500,000 or less will receive 100% non-domestic rates relief for 2020-21.
This will be administered automatically through the Council's Rate Scheme and will apply automatically, so eligible businesses do not need to make any representations to the Council.
In addition to the business rate relief which is available, a number of grants are available for businesses which have been directly affected by the crisis:
- All businesses, which are currently eligible for Small Business Rates relief, that is those with a rateable value up to £12,000, will receive a grant of £10,000. If you believe you are an eligible business see the Council's website for the application form and follow the processes outlined.
- Retail, leisure and hospitality businesses with a rateable value between £12,001 and £50,000 will receive a grant of £25,000. If you believe you are an eligible business see the Council's website for the application form and follow the processes outlined.
Last week, it was announced that a £100m Development Bank of Wales Fund will be made available for companies that are experiencing cash flow problems. The bank will provide loans – based on a favourable interest rate – of between £5,000 and £250,000 to companies that need urgent financial help.
A £400m ‘emergency pot' has also been announced, which allows some businesses that have been effected by the COVID-19 crisis to access emergency funds based on the number of people that they employ.
- A grant of £10,000 is available for businesses that employ up to 9 people
- Grants up to £100,000 are available for companies that employ between 10 and 249 people.
It is understood that further information on how businesses apply for the latest grants will be announced.