The Restart Grant was recently introduced to offer funding support to businesses that have been required to close due to COVID-19 restrictions. The purpose of the funding is to assist businesses through the (hopefully) final stages of COVID-19 with ongoing fixed costs, debt and low cash reserves, to enable them to re-open safely once the restrictions have been fully lifted.
As part of the Restart Grant scheme, eligible businesses in the non-essential retail sector are entitled to a one-off cash grant of up to £6,000 from their local council, whilst those eligible in the hospitality, accommodation, leisure, personal care and gym sectors are entitled to a one-off sum of up to £18,000.
Is my business eligible for the grant?
Businesses eligible for the Restart Grant are those that have received a business rates assessment and have been forced to close under Government restrictions. This includes all businesses classed as non-essential such as: retail, leisure, personal care, sports facilities and hospitality.
Your business may be eligible if it is:
– based in England
– in the non-essential retail, hospitality, accommodation, leisure, personal care or gym sectors
– trading on 1 April 2021
However, be aware that your business is unable to get funding if it is:
– in administration, insolvent or has been struck off the Companies House register
– has exceeded the permitted subsidy allowance
There are three subsidy allowances which cover this scheme, meaning that you are unable to exceed the following total permitted allowances:
– up to £335,000 (subject to exchange rates) over any period of three years under the Small Amounts of Financial Assistance Allowance
– up to £1,600,000 under the Covid-19 Business Grant Allowance
– up to £9,000,000 under the Covid-19 Business Grant Special Allowance, if you’ve met the limits under the other two allowances and you meet special conditions
How much can I claim?
It is important to note that the amount you are able to claim varies based on the rateable value of your business.
Businesses classed as non-essential can claim the following:
– £2,667 if your rateable value is £15,000 or under
– £4,000 if your rateable value is between £15,000 and £51,000
– £6,000 if your rateable value is more than £51,000
Hospitality, accommodation, leisure, personal care or gym sectors can claim:
– £8,000 if your rateable value is £15,000 or under
– £12,000 if your rateable value is between £15,000 and £51,000
– £18,000 if your rateable value is more than £51,000
How can I claim the Restart Grant?
Local authorities are paying out Restart Grants to eligible businesses, in some cases, this is being done automatically.
If you think you are eligible and you haven’t received payment, it may be best to visit your local council website for more information (find your local council here).
Get in touch
For advice on accessing Restart Grants, or any other business support or funding, please contact your usual PM+M representative or get in touch at email@example.com.