Posted: Wed 10th Jun 2020
The Welsh government has announced the next phase of its grants fund for businesses with a change aimed at helping more micro-companies.
The Economic Resilience Fund (ERF) is designed to support businesses, social enterprises and charities which are not eligible for other Welsh government and UK government support schemes.
Over £200m has been provided so far and the Welsh government says businesses will be able to apply for another £100m at the end of June. In the meantime, companies can check online if they are eligible.
In the first round, businesses needed to be VAT registered to apply but that is no longer a requirement if businesses meet other critieria. To be eligible, companies must:
Confirm that funding from any other Welsh government non-repayable grant funding source is not being pursued
Not be eligible for the Self-employment Income Support Scheme through the UK government
Have seen more than a 40% reduction in turnover since 1 March 2020
Be Companies House registered
Meet two of the three of the below:
Are VAT registered or exempt
Employing people using PAYE
A turnover of at least £50,000
Not be eligible for business rate relief
Have a operating address is in Wales and employees in Wales
Have a sustainable plan to trade beyond the COVID-19 pandemic
Ken Skates, economy, transport and North Wales minister, said: "This next phase will reach businesses, which have yet to receive funding, but we know it won't reach all those in need.
"We are proactively working on further options, but it is clear we need the UK government to step up and provide the longer-term and additional funding needed to see Welsh business through this pandemic."
The latest coronavirus support information
We are keeping you updated on the latest information on how to access the government's coronavirus business support here. You can also find advice and ask a question on Enterprise Nation's coronavirus business advice hub. Follow Enterprise Nation on Twitter too for updates.