Economic Resilience Fund

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A national coronavirus ‘fire-break’ will be introduced in Wales on Friday (October 23) with a £300 million support package to be made available to affected businesses.

Following the First Minister’s announcement of a short firebreak, the Economic Resilience Fund is being enhanced.

It will have £300 million available to provide financial support to businesses. 

The third phase of ERF also includes a Lockdown Business Fund which will be delivered by local authorities to eligible businesses. 

Key elements of the support package will include: 

  • Every business covered by the small business rates relief will receive a £1,000 payment.
  • Small and medium-sized retail, leisure and hospitality businesses, which have to close will receive a one-off payment of up to £5,000.
  • There will also be additional discretionary grants and support for smaller businesses, which are struggling.
  • The £80m fund announced last week to help businesses develop in the longer term, will be increased to £100m, which includes £20m ring-fenced for tourism and hospitality.
  • Businesses will also be able to access the support available through the existing Job Retention Scheme or the new expanded Job Support Scheme.

Further details will be released shortly here.