BUSINESSES affected by the circuit break lockdown in Wales will be supported by a new £300 million fund.

Announcing the funding this afternoon, first minister Mark Drakeford confirmed that every business covered by the small business rates relief will receive a £1,000 payment.

Small and medium-sized retail, leisure and hospitality businesses, which have to close will receive a one-off payment of up to £5,000.

Those payments will be made automatically, Mr Drakeford said.

There will also be additional discretionary grants and supports for smaller businesses, which are struggling.

An £80 million fund announced last week to help businesses develop in the longer term, will be increased to £100 million.

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This includes £20 million ring-fenced for the tourism and hospitality sector.

Businesses will be able to access the support available through the existing Job Retention Scheme or the new expanded Job Support Scheme.

The first minister said: "We know that businesses will need this support quickly.

"The window will open in the first week of the fire break and we will work to get that money allocated as quickly as we can to those businesses who need it.

"I understand the difficulty this poses for Welsh businesses. It is why I wrote to the chancellor on Friday to ask him to give Welsh businesses early access to the expanded Job Support Scheme from Friday of this week.

"That would remove the need for businesses to juggle the Job Retention Scheme and the Job Support Scheme during this fire break period.

"Given the urgency, we have offered to pay the extra costs involved in that from Welsh Government funds to help businesses retain staff."

Mr Drakeford added that full details of the financial support available to businesses would be published this week.