Bulletin: Economic Resilience Fund - additional £100m; Business disruption insurance - call for evidence; Job Retention Scheme is open

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20 April 2020


Welsh Government releases additional £100m business support as Economic Resilience Fund sees unprecedented rate of applications

The latest phase of the Welsh Government’s Economic Resilience Fund has benefited from the release of a further £100million from ministers within 72 hours of launch, due to a massive demand.

More than 6,000 grant applications from small and medium sized businesses and social enterprises were received within 24 hours of the launch on Friday – an unprecedented response, revealing the scale of the challenges facing Welsh businesses.

The Fund aims to complement and fill the gaps left by UK Government schemes such as the Job Retention Scheme, with grants of up to £10,000 for micro-enterprises and up to £100,000 for SMEs and a light touch appraisal system designed to get money to businesses with the minimum of delay – as well as a new loan fund administered by the Development Bank of Wales.

Read more details here

Please check your eligibility at https://fundchecker.businesswales.gov.wales/

Have you had a business disruption insurance claim refused?

On 15 April 2020, the interim Chief Executive of the Financial Conduct Authority (FCA) wrote a letter to insurance sector CEOs specifically about conduct in relation to business disruption insurance. If your insurance claim has been refused please share the following information with Visit Britain:

  • The name of the insurer
  • The exact type of claim that is being made
  • The reason the insurer has provided for not giving a refund.

 Please send all responses to TIER@visitbritain.org

We understand the information being asked for is of a confidential and sensitive nature, we would like to assure businesses that it will only be shared with Department for Digital, Culture, Media & Sport (DCMS) and be used for the purposes stated above.

Coronavirus Job Retention Scheme is open

The online claim service for the Coronavirus Job Retention Scheme launched on GOV.UK today. Any entity with a UK payroll can apply, including businesses, charities, recruitment agencies and public authorities. To prepare to make your claim you will need:

  • a Government Gateway (GG) ID and password – if you don’t already have a GG account, you can apply for one online
  • be enrolled for PAYE online – if you aren’t registered yet, you can do so here
  • the following information for each furloughed employee you will be claiming for: Name, National Insurance number, Claim period and claim amount, PAYE/employee number (optional).
  • if you have fewer than 100 furloughed staff – you will need to input information directly into the system for each employee. If you have 100 or more furloughed staff – you will need to upload a file with information for each employee; HMRC will accept the following file types: .xls .xlsx .csv .ods.

You should retain all records and calculations in respect of your claims. You can find more information on the scheme and eligibility to claim here.

Business Wales is providing businesses with tailored support and advice about dealing with coronavirus, from financial and supply chain planning to advice on staffing issues. We would advise Tourism businesses and stakeholders in Wales wanting specific guidance to visit the Business Wales website or call Business Wales helpline on 03000 6 03000, and to regularly visit the Public Health Wales website for up-to-date public health information for you, your staff and your visitors.