New Grant for Start up’s Affected by the Coronavirus

New Grant for Start up's Affected by the Coronavirus

A grant of £2,500 is now available for newly created welsh businesses that are facing operational and financial challenges as a result of the coronavirus pandemic.

The eligibility criteria is as follows:

  • Started trading between 1 April 2019 and 1 March 2020
  • Forecast annual turnover is less than £50,000
  • Not in receipt of support through the Self-Employment Income Support Scheme, Non Domestic Rate Grant or the Economic Resilience Fund
  • Business must be operating in Wales
  • Business must have one or more of the following:
    • Unique Tax Reference (UTR) number
    • VAT Registration Number or a VAT exemption certificate
    • Written correspondence confirming registration with HMRC
  • Have experienced a drop in turnover greater than 50% as a result of the coronavirus outbreak between April and June 2020
  • Supported businesses must aim to maintain employment for 12 months

You will need to provide:

  • Proof of identification (one of the following)
    • Current UK or EEA photocard driving licence
    • Current signed passport
    • Original Birth certificate
  • Proof of business address (one of the following)
    • Council tax statement
    • Utility bill
    • Written correspondence confirming registration with HMRC
  • Evidence of active trading up to 17 March 2020
    • Business bank statementor other financial statement (e.g. Paypal) to be provided from date of trading up to end of June 2020

To apply for the grant, please access the Economic Resilience Fund eligibility checker.

The start up grant will be distributed on a first come, first served basis, so you need to apply as soon as possible.

If you have any questions, please don’t heistate to contact us.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

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