We are pleased to let you know that The Welsh Government is today announcing a package of support worth more than £200m for small businesses to help them during the coronavirus outbreak. This will be welcomed by BID levy payers set to benefit from the initiative. All eligible businesses will be contacted by the Local Authority’s Rates team in due course.
Retail, leisure and hospitality businesses with a rateable value of £51,000 or less will receive 100% business rate relief and pubs with a rateable value of between £51,000 and £100,000 will receive a £5,000 reduction on their bill. A further £100m will be available for a new grant scheme for small businesses. Further details on this new rate relief scheme will be confirmed as soon as possible. Eligible businesses will be contacted directly about this.
We are advised that Welsh Government is allocating every penny of the funding it will be receiving as a consequence of the schemes the UK Government announced in England last week to support businesses in Wales. They are also aware that helping businesses with their rates bills will not be enough to protect them from the severe drop in custom many are experiencing as coronavirus cases increase. As a result, Welsh Government will be calling on the UK Government to act quickly and decisively to provide a very significant support package for vulnerable businesses and employees.
Swansea BID has been part of the important policy consultations that helped to inform the Chancellor’s decision. We have also used our mature relationships with the Welsh Government to push for implementation of this important rates relief scheme for eligible businesses, under devolved legislation. As part of the service we provide to our levy payers, we take every opportunity to represent your concerns to the policy makers.Tags: BID, Coronavirus, Welsh Government