More than 41,000 businesses in Wales benefited from over £1.4bn of support to bounce back from Covid-19 through government-supported loan schemes.
In addition, figures published today reveal that under a third of employees in Wales (28%) utilised the furlough scheme, as the government moved to support businesses across the whole country and protect jobs.
Loan schemes have helped businesses across all sectors. However, it is the retail, construction and hospitality sectors, including hotels and restaurants, which have benefited the most.
Similarly, the furlough and self-employed income support scheme has benefited firms across all sectors, with 108,000 people in Wales making use of SEISS.
The government has also made a commitment to the Welsh Government of a minimum £1.1bn in additional funding this year, on top of £2.9bn confirmed since March to help provide support following the coronavirus pandemic.
The Chancellor of the Exchequer, Rishi Sunak, said: “Our package of support has helped more than 41,000 businesses in Wales to thrive and adapt through the pandemic, driving economic growth, and we will build on this through our Plan for Jobs.”
The Chancellor set out his Plan for Jobs last month, which will support jobs with the Job Retention Bonus to help businesses keep furloughed workers, and expand Worksearch Support including a Flexible Support Fund and a £2bn Kickstart scheme to subsidise jobs for young people
Secretary of State for Wales Simon Hart said the coronavirus pandemic had provided an unprecedented challenge but said the UK Government has provided certainty for employers and workers to ensure that Wales’ economy is ready to bounce back from the pandemic.
“We said it would do whatever it took to support the people and businesses of Wales and we have produced an unprecedented package of measures to deliver on that promise,” he said.
“Our package of support schemes have supported the livelihoods of thousands across Wales and will help ensure our recovery is as swift as possible.”
Business Secretary Alok Sharma added: “We were clear from the start of this crisis that no region would be left behind, and it is heartening to see the difference our support has made for businesses of all sizes in Wales.”
