Applications open for emergency financial support from Economic Resilience Fund
18 Jan 2022 01:30 PM
Businesses in Wales impacted by the rapid spread of the Omicron virus can now apply for emergency financial support from the Welsh Government’s Economic Resilience Fund (ERF).
Economy Minister Vaughan Gething previously said £120 million would be available for retail, hospitality, leisure and tourism business and their supply chains affected by the move to alert level 2 announced by the First Minister on Wednesday 22 December.
Eligible businesses can apply for grants of between £2,500 to £25,000, with grants dependent on their size and number of employees.
The application window will be open for two weeks, with payments starting to reach businesses within days.
Economy Minister, Vaughan Gething, said:
Following positive engagement with businesses, trades unions and other partners, we recently changed the eligibility criteria for the ERF support. The ERF grant is a Wales-only top up payment that currently supports eligible businesses who have seen a 60% drop in their income between December and February compared with the same period two years ago. The new criteria means that businesses in these sectors who have seen a 50% reduction in their turnover will now also be able to access the ERF.
This means more businesses will receive more support from the Welsh Government.
Non-essential retail, hospitality, leisure and tourism businesses in Wales can also receive support from the Non Domestic Rates (NDR) linked grant which is being administered by local authorities. Businesses will be entitled to a payment of £2,000, £4,000 or £6,000 depending on their rateable value.
Local authorities are also administrating a discretionary fund for sole traders, freelancers and taxi drivers and businesses that employ people but do not pay business rates. Last week this was doubled to £1,000.
The Welsh Government has provided in excess of £2.5 billion funding to Welsh businesses since the start of the pandemic. Focused particularly on backing small businesses and Welsh communities, it’s targeted approach has helped protect in excess of 160,000 Welsh jobs which might otherwise have been lost.
Apply for Economic Resilience Fund support here: COVID-19 Support for Business