“This is another important step designed to help those businesses and charity organisations who are struggling with cash flow problems. The fund will go live for applications next Friday (17th April), but I must reiterate the importance of those considering applying to go through the guidance to establish whether they are likely to be eligible. This fund will reach a significant number of businesses, charities and social enterprises, but it’s clear it won’t reach all.”
To be eligible for this second phase of support, businesses, charities and social enterprises, must meet criteria including:
Micro businesses
including start-ups, employing up to nine employees could be eligible for up to £10k support. This includes sole traders employing staff. Businesses in this bracket could qualify for support from the fund if they:
- Have experienced more than a 40% reduction in turnover since 1 March 2020
- Can demonstrate that efforts have been made to sustain business activity
- Are not pursuing other forms of Welsh Government non-repayable grant funding support
- Are not entitled to business rate relief grants
- Are VAT registered or exempt from VAT
- Operating address is in Wales and have employees in Wales
Small and medium sized firms
with between 10 and 249 employees could be eligible for grants of up to £100,000 if they:
- Have experienced more than a 60% reduction in turnover since 1 March 2020
- Are not be eligible for business rate relief grants, or if they are, that amount would be deducted from their allocation from this fund
- Have a sustainable business plan to trade beyond the Covid-19 pandemic
- Confirm no future compulsory redundancies will be made as long as the Coronavirus Job Retention Scheme is in place
- Are not be pursuing any other form of Welsh Government non-repayable grant funding support
