The Welsh Government has announced updated guidance for Wales. The guidance now permits non-essential retail to open. The advice on staying local has been dropped and sections of the tourism industry have been allowed to re-open.
UK Government support for businesses
The UK Government has set out a package of measures to protect public services, people and businesses through this period of disruption caused by COVID-19.
Businesses in Wales could benefit from the following schemes and announcements:
1. Support for businesses who are paying sick pay to employees.
2. Support for businesses through the Coronavirus Business Interruption Loan Scheme via the British Business Bank. The scheme will be interest free for 12 months.
3. Support for businesses paying tax: Time to Pay service.
4. Businesses will receive government grants worth up to 80% of wages to keep workers in jobs. The Coronavirus Job Retention Scheme will pay up to £2,500 per worker each month, helping those who are self-isolating or caring for loved ones.
5. Millions of people across the UK could benefit from the new Self-Employed Income Support Scheme, with those eligible receiving a cash grant worth 80% of their average monthly trading profit.
6. Support for businesses through deferring VAT and Income Tax payments.
7. Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19.
Welsh Government support for businesses
Because some aspects of business support are devolved, the Welsh Government has set out a range of support measures:
Business support package
The Welsh Government has published details of its £1.4 billion business support package to help businesses across Wales.
Capital repayment holidays
The Welsh Government has announced the Development Bank of Wales will be offering all its business customers a three-month capital repayment holiday to help them manage the financial fallout from the virus.
Economic Resilience Fund
The £500m fund will support Welsh firms of all sizes, including social enterprises, with a focus on those which have not already benefited from the coronavirus grants.