As the government prepares to ‘irreversibly’ guide the nation out of lockdown, they have introduced new support to help businesses reopen.
The Restart Grant has been launched by the government, and small businesses can claim up to £18,000.
Many business owners are wondering where they can get the Restart Grant, so we thought we would share everything you need to know…
The Restart Grant
Owners will be familiar with the Local Restrictions Support Grant for closed & open businesses.
These grants will both cease to exist at the end of March, which is why the Restart Grant has been introduced.
The Restart Grant is a new fund for businesses, with the aim of helping them get over the final hurdle of the coronavirus pandemic.
It’s estimated that almost 700,000 businesses in England will be eligible for this grant.
How Is The Restart Grant Calculated?
The Restart Grant is calculated by taking a businesses rateable value into account.
Gyms, leisure, personal care, accommodation and hospitality businesses will benefit the most from this grant – receiving up to £18,000.
Non-essential retail businesses can also apply for the grant, but can only receive up to £6,000 per premises.
- If your rateable value is £15,000 or less, then your business will be able to claim up to £8,000.
- If your rateable value is between £15,000 and £51,000 you can get up to £12,000.
- And if your rateable value is above £51,000 – then you can claim the full £18,000.
Local authorities are being given extra funding to help support businesses that have been impacted by Coronavirus, but who aren’t eligible for the Restart Grant.
How To Get The Restart Grant
You can check whether you are eligible through the government website here.
The grant will be made available through local council websites, so you will have to apply there, rather through the gov.uk website.
Councils have often been criticised in that they are slow to release the coronavirus support to their local area.
Therefore, it’s worth noting that the link to apply for the Restart Grant might become accessible through some councils before others.
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