COVID-19 Crisis Support Tool and the Economic Resilience Fund (Micro Business)

First off, if you’re not a Limited business based in Wales, you may as well about-turn and forget this post.  However, if you know someone who this may apply to then please pass on this link.  We also have a load of other posts around support available on our website so take a look.

We’ve been speaking to a few businesses who feel like they’ve fallen through the cracks in terms of the support on offer from the Government in relation to COVID-19.  The typical scenario is:

  • No business premises ie you are registered at your home address and go out to work or work from home.  Typical examples could be tradesmen, consultants etc – really are a fair few covered with this.
  • You, as the director, pay yourself the minimum salary and take the rest as dividends.
  • You, as the director, are still working to keep things afloat for when we get out the other side.  Or even if you’ve furloughed yourself, you are only entitled to the 80% of your £700 odd per month.
  • You employ at least one person (other than yourself)

 

Sound familiar??  If this is you then read on……..

The Welsh Government have recognised that some of those in this position are facing a real issue.  As a result, they have released the Economic Resilience Fund to try and help those in this scenario.

The key things are that you’ve not been granted:

  1. A Business Rates Grant; or
  2. Support for the self employed (see our post on this if you need further details – https://link-accounting.co.uk/2020/03/26/self-employed-support-package-q-a/)

 

If this is the case, you should take a look at the link below to see if you are able to get any help.  The fund can grant one-off payments of up to £10,000 and complements other government measures such as the Coronavirus Job Retention Scheme to cover furloughed employees.

(However, we have been told that if you do have over 9 employees you can still apply even if you’ve received the business grant)

The following link is the eligibility checker so this is your first port of call.  If you’re unsure on your results, get in touch with them as it provides a helpline (03000 6 03000)

https://fundchecker.businesswales.gov.wales/#step-0

 

We wish you the best of luck with this.  If you found this helpful, please pass this onto anyone you think would benefit.  If in the future, you’d like to discuss you accounting requirements with us, please just get in touch.  Thanks

Regards, Huw