Welsh Government has introduced a new grant to provide financial assistance for newly created self-employed businesses that are facing operational and financial challenges as a result of the Covid-19 outbreak.

The grant seeks to complement other Covid-19 response measures to support businesses, social enterprises and charitable organisations in Wales.

The grant of £2,500 can only be claimed by businesses that meet the following criteria:

• started trading between April 1, 2019 and March 1, 2020

• forecast annual turnover less than £50,000

• not in receipt of the Self Employment Income Support Scheme, Economic Resilience Fund or the Business Rate Grant

• businesses must be operating in Wales

• businesses must have one or more of the following -HMRC Unique Taxpayer 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 per cent as a result of the Covid-19 outbreak between April and June 2020

• supported businesses must aim to maintain employment for 12 months

• only one application per business.

Businesses can apply for the grant by accessing the Economic Resilience Fund Eligibility Checker on the Business Wales website https://fundchecker.businesswales.gov.wales/

To find out more, visit www.businesswales.gov.wales