It has also confirmed that pending the outcome of the next review on 12 March, a further £150m in grants could be made available to firms, including micro businesses, through the Welsh Government’s Non Domestic Rates (NDR) scheme if Coronavirus restrictions are extended.
The latest round of the Welsh Government’s Economic Resilience Fund will see £30m of targeted support being made available to support small, medium and large businesses in the hospitality, leisure and tourism sectors, as well as related supply chain businesses.
The funding is targeted to businesses employing ten or more staff in recognition of the relatively higher level of operating costs that these businesses face.
However, should restrictions be extended at the 12 March review, the £150m that will be made available would see businesses in the hospitality, tourism, leisure and non-essential retail sectors that pay non-domestic rates receiving an additional payment of up to £5,000 regardless of the number of employees they have.
Responding to the announcement, UKHospitality Cymru executive director David Chapman said: “This package supports key venues across our communities that employ hundreds of thousands of people and that have been forced to stay shut because of the pandemic.
“It reflects UKHospitality Cymru’s campaign and proposals for jobs-based support and represents further recognition of the high costs of staying shut and also the huge contribution to the economy that our industry makes each and every day in Wales in normal times- and, of course, the value we will quickly add once more once we are allowed to reopen."
From today, businesses in the hospitality, tourism and leisure sectors can access the eligibility checker and calculator on the Business Wales website to help them work out what support they can expect to qualify for in this latest round and to understand the detail they will need to make an application.
The Welsh Government's announcement comes as Chancellor Rishi Sunak prepares to deliver his Budget, which has been billed as 'Judgement Day' for the hospitality sector.
According to CGA’s recently published Business Leaders’ Survey 2021, one in ten hospitality firms will not survive if no additional support is announced in the Chancellor’s Budget.
“We need the Chancellor to announce an extension of business rates holiday and lower industry VAT, and Welsh Government to consider the help it can give us to get to viable trading in the new financial year after reopening commences,” adds Chapman.