Economic Resilience Fund: Sector-Specific Support
This post was originally published on 22 December 2020 and updated on 13 January 2021 for freshness, accuracy and comprehensiveness.
The Welsh Government announced a new grant explicitly aimed at Hospitality, Tourism and Leisure businesses or supply chain companies.
The Economic Resilience Fund (ERF) Sector-Specific Support package will support those who have experienced more than a 60% drop in turnover due to the Coronavirus restrictions.
Eligible businesses will have to be employing staff via PAYE, and either be VAT registered or (exempt from VAT) with turnover above £85,000, or limited companies with a turnover above £50,000.
Businesses who have accessed the ERF Restrictions Business Fund can also apply for this fund.
The following grants are available:
- Single employee business – minimum grant of £2,500
- SMEs (up to 249 employees) – £1,500 per employee up to a maximum of 10 employees. For those employing more than 10, you will receive £1,500 per employee or self-declared operating costs for the restricted period (whichever is the lower amount). There would be an upper limit of £100,000 for SME businesses with a digital system based application.
- Large businesses (250+ employees) – £500 per employee for Welsh headquartered large business applicants to a maximum of £150,000, with a manual case by case application via the sector team.
When applying, you will need to have the following information available:
- VAT registration number (if applicable)
- Company or Charity Registration Number: (if applicable)
- Business sector
- Number of employees
- Annual turnover
- Bank account details – Bank, Sort code and Account number
- Which COVID-19 support funds you have applied for or been accepted for.
The fund is now open for applications. You can check your eligibility here. If eligible, once you complete the checker it will take you through the application process.
If you have any questions regarding the support available, please don’t hesitate to contact us.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation
