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Welsh Government announces an enhanced Economic Resilience Fund

Economic Resilience Fund

Welsh Government is doubling the third phase of its Economic Resilience Fund (ERF), making nearly £300 million available to support businesses that continue to be affected by the COVID-19 pandemic.

The latest funding will see wider support being provided to help secure jobs and enable businesses to develop, as well as additional support for firms affected by local lockdowns.

The new economic measures include:

  • Payments of £1,000 for businesses that are eligible for Small Business Rates relief and occupy a property with a rateable value of £12,000 or less;
  • Payments of up to £5,000 for retail, hospitality and leisure businesses that are required to close and which occupy a property with a rateable value of between £12,001 and £50,000;
  • A discretionary £2,000 top-up grant for businesses closed or materially affected by the firebreak lockdown;
  • A further discretionary £1,000 grant for businesses that were materially affected by local lockdown measures for 21 days or more prior to the start of the firebreak lockdown period.

Welsh Government is also providing a further £20 million towards business grants meaning £100 million will be available for this purpose. Previously, companies were required to provide a percentage of the funding to access these grants, but Welsh Government has now confirmed it will provide 100% funding for businesses forced to close during the firebreak.

For more information please read the full press release.

If you need any specialist advice from our team of legal experts about the impact of COVID-19 on your business, please email commercial@loosemores.co.uk or call us on 02920 224433. Please contact Senior Partner, Mark Loosemore, or Partner, Siôn Tudur to find out more.

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